MAG Americas and MAG Europe Enjoy Extraordinary 2011 Growth in Bookings and Sales
Share:
Both companies forecast strong year-end and continuation of successful business coordination
Erlanger, KY, December 1, 2011 - MAG IAS, LLC (MAG Americas) and MAG Europe GmbH (MAG Europe) each experienced near-record growth in bookings and sales during 2011, with year-end bookings forecasted to reach approximately $1.6 billion for the combined companies. All sectors of the companies' businesses delivered significant double-digit increases, with particular strength in automotive, aerospace/defense, energy and heavy equipment. Both MAG companies also shared in record export sales of approximately $500 million to China, Russia, India and other nations, reflecting the value of advanced manufacturing in all of MAG's key market regions.
MAG IAS, LLC reported increases in bookings and sales year to date of 60 percent and 20 percent respectively, is forecasting full year bookings over $620 million, and will enter 2012 with a backlog of $450 million. MAG was a "must see" exhibitor at last fall's imX show in Las Vegas, where the company provided visitors with the latest technical information and live demonstrations on its new cryogenic machining process using a patented process to deliver liquid nitrogen (-321° F) through the tool. Lockheed Martin announced during the show that the process had been approved for use in rough machining of titanium parts for the F-35 Lightning II stealth fighter, citing its cost reduction potential for defense work.
"During the year we introduced a significant number of new products and shared in a robust export market," said Dave Nowicki, President of MAG IAS, LLC. "We received our first export license for a composite tape layer shipped to China, and combined with the newly acquired French company, Forest Liné Industries, we are the market share leader in the Russian aerospace sector. We will end the year profitably, with a very strong backlog, balance sheet and cash flow, positioned for long term growth."
MAG Europe GmbH also enjoyed success throughout 2011, with shipments up 60 percent as of the end of Q3. At the recent EMO exhibition in Hannover, Germany, MAG Europe exhibited five different types of machines and processes utilizing the new cryogenic machining technology, sparking great interest from the aerospace and automotive sectors. Phenomenal growth at MAG Europe GmbH - up 275 percent in two years - has resulted in recently announced new financing to fund continued growth. As part of the new financing structure, Mr. Mo Meidar placed his shares in MAG Europe GmbH into a trust as collateral to obtain an extension of short-term financing while a long term credit facility is arranged. "MAG Europe and MAG Americas will continue their close cooperation of worldwide sales, service, and technical support in all markets," Nowicki explained. Mo Meidar remains as sole owner of MAG IAS, LLC.
Rolf Rickmeyer is the new CEO of MAG Europe GmbH and MAG IAS GmbH. He served as CEO, COO and CFO with various companies in the fields of mechanical and plant engineering, automobile components and medical technology, including Lahmeyer AG, KRONE AG, Joseph Vögele AG and Maschinenfabrik Goebel.
MAG employs approximately 3,100 worldwide, with over 1,000 people in North America and has five main plants in Kentucky, Michigan, Wisconsin and Canada.
About MAG
MAG is a leading machine tool and systems company serving the durable goods industry worldwide with complete manufacturing solutions for metal cutting and composites applications. With a strong foundation based upon renowned brands such as Boehringer, Cincinnati, Cross & Trecker, Ex-Cell-O, Fadal, Forest Liné, Giddings & Lewis, Hessapp, Honsberg, Hüller Hille, Lamb, Modul and Witzig & Frank, MAG is recognized as the preeminent provider of tailored production solutions based on state-of-the-art technology. Key industrial markets served include aerospace, automotive and truck, heavy equipment, oil and gas, rail, solar energy, wind turbine production and general machining.
With manufacturing and support operations strategically located worldwide, MAG offers comprehensive lines of equipment and technologies including turning, milling, hobbing, grinding, honing, systems integration, composites processing, cryogenic machining, maintenance, automation and software, tooling and fluids, and core components.
For more information about MAG, please visit: www.mag-ias.com
