MAG Industrial Automation Systems Continues Portfolio Expansion Agreement to Acquire Boehringer from IWKA Signed
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MAG IAS, LLC
Olympic Corporate Center I 3940 Olympic Boulevard
Erlanger, KY, 41018
Press release date: October 27, 2006
STERLING HEIGHTS, MICHIGAN - Nov 27: MAG Industrial Automation Systems (MAG-IAS) announced it signed a contract November 22, 2006 to acquire the Boehringer group of companies from IWKA. The parties have agreed not to disclose the terms of the transaction and hope to complete the acquisition by year end, subject to approval by the Bundeskartellamt (German federal antitrust authority). The acquisition is MAG's fourth major acquisition within the global manufacturing solutions sector and will expand MAG-IAS's portfolio of manufacturing solutions companies to sixteen. "We are excited to welcome Boehringer to our group," said Mo Meidar, Chairman and CEO, MAG-IAS. "Boehringer provides an excellent fit in our product portfolio, particularly in our MAG Powertrain Technologies business unit."
Boehringer is a global provider of manufacturing solutions, with particular technology-leading offerings in crankshaft machining processing. This includes turning, turning-turn broaching, turn broaching, internal milling and HS external milling. The acquisition includes operations in four countries - Germany, U.S.A., Switzerland and Canada. In 2005, Boehringer generated sales of approximately Euro 140 million.
The acquisition is part of MAG-IAS's overall strategy to create a premier global engineering, manufacturing and customer service group. The Boehringer acquisition closely follows three other major acquisitions: UNOVA's Cincinnati Lamb companies in April 2005, the global operations of ThyssenKrupp's Metalcutting group in October 2005, and IWKA's Ex-Cell-O companies in February 2006.
Today, MAG-IAS businesses include Cincinnati Automation & Test, Cincinnati Machine US, Cincinnati Machine UK, Fadal Machining Centers, Giddings & Lewis, Hessapp, Hüller Hille, Witzig & Frank, Maintenance Technologies, and MAG Powertrain (CrossHüller, Ex-Cell-O, Lamb).
With its global reach and technology leading capabilities, MAG-IAS is a top provider of manufacturing solutions to the automotive, heavy equipment, aerospace and general machining industries. While its automotive support is focused on powertrain providers (primarily OEMs such as Ford, DaimlerChrysler, General Motors, Volvo and Hyundai), its business also includes several Tier 1 and Tier 2 suppliers in both powertrain and non-powertrain businesses.
In heavy equipment, MAG-IAS works with customers such as Caterpillar, Cummins, and International on machining of diesel engine components and other machining needs in their product offerings. MAG-IAS provides the aerospace industry with state-of-the-art composites and metalcutting technologies to assist in the building of large commercial and military aircraft, with customers such as Boeing, Airbus, Vought, and Alenia.
MAG-IAS also has one of the broadest ranges of metalcutting equipment for the global general machining industry, from small "standard" machining centers to very large, special purpose machining systems.
About MAG Industrial Automation Systems MAG Industrial Automation Systems (MAG-IAS), Sterling Heights, MI is a group of leading machine tool and systems companies serving the durable-goods industry, worldwide, with a large portfolio of highly-recognized and well-respected brands. With manufacturing operations on five continents, MAG-IAS ranks as a leader in the global metalworking capital equipment market.
For more information on MAG-IAS or its operating groups, visit their website www.mag-ias.com or contact Barney Theisen at (586)532-3004