Fives buys American division of machine tool maker MAG

PARIS—French engineering firm Fives is buying the American subsidiary of the MAG Group for an undisclosed price, the two firms announced.

Fives will acquire the machine tool operations of MAG Americas, as well as its 38 per cent ownership stake in French aerospace machine tool maker Forest-Liné.

MAG Europe is also selling its 62 per cent stake in Forest-Liné to Fives, the company announced.

The sale does not include the automotive operations of MAG Americas.

The parties have agreed not to disclose financial details of the transaction, it was announced.

The deal is subject to customary closing conditions.