Fair Friend Buys MAG Group
The purchase will add German brands including Huller Hille, Modul, VDF-Boehringer and Witzig and Frank to FFG's portfolio. The combined company will operate under the name FFG Deutschland.
FFG Chairman Jimmy Chu.
Taiwan’s Fair Friend Group (FFG) has signed an agreement to purchase 100 percent of German-based MAG IAS GmbH. The agreement was effective June 17 and will be concluded in October. The companies will exhibit together at the EMO show in Milan this October.
The purchase will add German brands including Huller Hille, Modul, VDF-Boehringer and Witzig and Frank to FFG's portfolio. The combined company will operate under the name FFG Deutschland.
This agreement is the result of a long standing relationship between executives in both groups; FFG Chairman Jimmy Chu, MAG owner Prof. Mo Meider and CEO Dr. Reiner Beutel. Strategically, the deal is expected to be mutually beneficial by giving the German brands strength in Asia and China where FFG well entrenched and to help FFG grow its market shares in Germany and Europe.
More than 60 companies comprise FFG, and the acquisition of MAG makes it one of the largest machine tool builders in the world. Click here to learn more about FFG.
