M&A Fives to purchase machining centre supplier MAG Americas
The rest of the company is to be sold to Chinese state-owned firm Sinomach, our sources say.
France’s Fives, Paris, has entered into a definitive agreement to buy MAG Americas, according to the target company’s parent MAG Group.
MAG Americas supplies high-end machines for processing large, complex parts and composites, and the announcement follows our article about the deal in January. As we also reported, China’s state-owned Sinomach is expected to purchase MAG’s European production operations as well as the company’s automobile business in the United States.
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MAG Group said the Fives deal encompasses several business units including Giddings & Lewis, Cincinnati and Forest-Liné, which specialises in composite processing and large metal cutting machines. MAG Americas employs some 1,000 workers.