FFG and MAG sign sale and purchase contract
- FFG acquires MAG Group, including 100 percent of the shares of MAG IAS GmbH
- Closing of transaction expected in Q4 2015
- Acquisition of MAG enhances FFG's footprint in Europe and North America and increases its presence in the automotive segment
- MAG group will significantly improve its access to the growing Asian markets
Uhingen / Eislingen, August 25, 2015 – The international Fair Friend Group (“FFG”) and the shareholders of global automotive supplier MAG Group have signed a sale and purchase agreement for the acquisition of the MAG Group, including 100 percent of the shares of MAG IAS GmbH. Closing of the transaction is subject to regulatory approval and is expected in the fourth quarter of 2015.
The MAG group was founded in 2005, bringing together renowned machine tool brands from Germany and the USA. Today, MAG comprises the original brands Cross Hüller,
Ex-Cell-O and Lamb, as well as the crankshaft business of Boehringer. At seven production facilities in Germany, Hungary, China, USA und India, the group generated a sales of EUR 474 million in 2014.
Jimmy Chu, Chairman and founder of the Fair Friend Group: “The MAG Group has an extraordinary range of products, technologies, and know-how, which matches our current portfolio perfectly. As a well-established supplier to the Automotive industry and technology leader in various areas, MAG will contribute substantially to our growth and innovation strategy.
Luigi Maniglio, Head off FFG in Europe, added: "We are confident that MAG will benefit significantly from the international footprint of FFG, in particular in the Asian markets, and from the financial strength of the group. With the MAG management joining our European team, FFG will increase its level of professional skills."
The CEO of MAG, Dr. Reiner Beutel, said: ‘FFG is the ideal partner to advance the further development of MAG Group. Today, every third crankshaft and every fifth engine block and cylinder head in the cars and trucks segment worldwide is crafted by a MAG machine. Together with our new partner, we will be able to accelerate our company growth and broaden our global footprint, especially in the Asian markets.’