FFG takes over MAG Group

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Jimmy Chu, chairman and founder of the Fair Friend Group, said: "MAG is one of the largest and most technologically advanced producers of machine tools for the worldwide automotive industry and a strong brand. It complements the activities of FFG perfectly, with both companies benefitting significantly in terms of geographical reach, customer offering and know-how. With this strategic acquisition, FFG will become one of the largest machine tool companies in the world."

Dr. Reiner Beutel, CEO of MAG IAS GmbH, said: "FFG is the ideal partner to advance the further development of MAG Group. Built in 2005 from several smaller machine tool companies, MAG has developed into a successful, worldwide leading machine tool group with a strong focus and track record in the automotive industry. 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."

The agreement is the result of a long-standing relationship between FFG Chairman Jimmy Chu, FFG Europe Chairman Luigi Maniglio, MAG owner Prof. Mo Meidar and CEO Dr. Reiner Beutel. In 2013, FFG already acquired the Industrial Equipment segment of MAG Group. The related businesses profited from the integration into FFG and developed favorably since the transfer.

Fair Friend Group is a world leading industrial holding conglomerate with over 80 companies which operate in leading industrialised and emerging countries with annual sales of approx. $3.3bn in 2014. Its machine tool division reported a total of $1.8bn in sales and includes over 44 production facilities mainly located in Taiwan, Germany, Italy, Japan, South Korea, China, Switzerland, and USA with a total of 28 brands.

(ID:43473816)

Machine Tools

FFG takes over MAG Group

Mutual benefits