MAG IAS GmbH – new ownership structure and credit facility

Logo MAG Europe (PresseBox) (Göppingen, ) - Mo Meidar transfers shares of parent company MAG Europe GmbH to trust entities
- Transfer opens up possibility for new investor to step in and strengthen the operational business
- Credit facilities adapted to support current growth, management and financial partners working on long-term financing agreements

The shares of MAG Europe GmbH, parent company of MAG IAS GmbH, have been transferred to German trust entities. The new structure will allow for a new investor to step in and strengthen the company’s equity ratio. Alfred Hagebusch, Partner at Wellensiek Partnergesellschaft, will be heading up the essential trust entity. Dr.-Ing. E.h. Heinz Dürr will support the trusts’ activities as head of the advisory board. The production technology provider MAG announced today that Dr.Eng Mo Meidar, owner of the international MAG group, has transferred his shares in MAG Europe GmbH to trust entities. In addition to this change in the ownership structure, MAG plans further initiatives to support current growth opportunities, including the implementation of company structures to meet the future requirements of the group’s project based business.

During the last few months, order intake and business volume significantly increased. In order to support this growth, existing guarantee lines have been extended. The company’s financing partners also granted bridge financing until end of January 2012. The management expects that a longterm credit facility will be established by then given the current state of negotiations. MAG Europe and the American and Asian MAG companies will continue their extensive and successful cooperation. All related companies will continue to market their production technology solutions under the MAG brand.

Rolf Rickmeyer, MAG Europe’s new CEO who joined the group in November, expressed his gratitude to Dr.Eng Mo Meidar, former owner of the European MAG group: „Mo Meidar brought together renowned German and international machine tool brands, forming a leading technology provider. His decision to transfer the shares to trust entities is very honorable. Thereby, he has opened up the possibility for a new investor to step in and foster the company’s innovative strength by increasing its equity ratio. I would also like to thank Heinz Dürr for his continued strong support.“ Rickmeyer stressed that the changes would not have any impact on the company’s daily business of providing high quality products and services.

Rolf Rickmeyer served as CEO, COO and CFO with various companies in the fields of mechanical and plant engineering, automobile components and also medical technology, including CFO at Lahmeyer AG, as COO at KRONE AG and holding senior executive positions at Joseph Vögele AG and Maschinenfabrik Goebel. Along with Rolf Rickmeyer, Jan Siebert has joined the group as new Chief Financial Officer. Their predecessors Markus Grob, Ralph Berndt and Gerhard Hagenau had left the MAG group on amicable terms. Jan Siebert studied industrial engineering at the university of Karlsruhe (Karlsruhe Institute of Technology - KIT) and has held various positions at mg technologies ag (today GEA AG) and Eisenmann AG, most recently as Senior Vice President Controlling.

Images:

1: Rolf Rickmeyer, CEO MAG Europe GmbH
Caption: Rolf Rickmeyer, CEO of MAG Europe GmbH, sees enhanced opportunities for innovation in the group’s new structure.
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2: Jan Siebert, CFO MAG Europe GmbH
Caption: Jan Siebert has joined MAG Europe GmbH as CFO in November.
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3: SPECHT E
Caption: The MAG group is one of the leading providers of advanced production technology. Among the group’s latest innovations is the hydraulic-free machining center SPECHT 600 E. By applying MAG‘s cryogenic cooling technology, the cutting process is virtually emission free – setting new standards in green and clean machining
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About MAG Europe GmbH
MAG Europe GmbH is a leading machine tool and systems company with locations in Germany, France, China, Hungary, Switzerland, and Russia. With a strong foundation based upon renowned brands such as Cross Hüller, Forest Liné, Hüller Hille, Modul, Witzig & Frank, Hessapp, Ex-Cell-O, Honsberg and Boehringer, 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.
MAG offers comprehensive lines of equipment and technologies including industrial automation, turning, hobbing, milling, automotive powertrain production, composites processing, maintenance, automation and software, and core components for production equipment.

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