MAG Group is now part of the Fair Friend Group. While the purchase price was not disclosed FFG’s machine tool division is expected to generate annual sales of more than US $2.3 billion, including MAG Group figures.
FFG says the acquisition strengthen’s its position in the automotive industry. The company’s machine tool division covers a variety of markets including aerospace, railway, mould and die, electronics and automotive. With MAG’s seven production facilties, FFG’s machine tool factories now stand at 51 across the world.
Dr. Reiner Beutel, MAG’s CEO, says MAG will benefit from the global footprint and financial strength of FFG, “while our customers will benefit from the sharing of know-how and technology between our companies, increased production capabilities as well as local service wherever they are.”