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MAG Americas/G & L Acquired

31-Jul-2013

A global industrial engineering group known as Fives has completed the acquisition of MAG Americas including Giddings & Lewis in Fond du Lac. In a press release Tuesday Fives says the strategic acquisition will allow the company to become one of the global leaders in high-precision machine tools, used to manufacture large complex equipment and high performance composite processing machines.

 

Frederic Sanchez, President of the Executive Board of Fives, said: "The technological expertise gained through the acquisition of MAG Americas is key to successfully support and achieve the innovation strategies and requirements of our major customers. Acquiring MAG Americas fits well with the growth strategy of Fives.

 

State Senator Rick Gudex said, “I am excited to hear the announcement that Fives is committed to Fond du Lac and its 260 employees here. It was important that Fives and Giddings & Lewis were able to close this deal so that they could provide some job security to those employees in our state.”

This year Fives is expected to employ over 7,500 workers in over 30 countries.

 

Read the press releases posted on the Fond du Lac County Economic Development Corporation’s website by clicking here.

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