FFG Acquires Pfiffner, MAG IAS
The International Fair Friend Group (FFG) has signed agreements to acquire the Pfiffner Group and the MAG Group.
The Fair Friend Group (FFG) signed an agreement with the Pfiffner Group (Utzenstorf, Switzerland) to acquire all shares of the Pfiffner companies.
Hydromat (St. Louis, Missouri), Pfiffner’s partner in the Americas, has praised the deal: “[Pfiffner] should be a very strong enterprise moving forward. Jimmy Chu [FFG president and CEO] and FFG have a reputation for investing in and building great machine tool companies, not dismantling them,” says Matthias Walter, Hydromat’s executive vice president and CSO. The agreements between Hydromat and Pfiffner will not change.
Kevin Meehan, Hydromat’s executive vice president and COO, adds, “This development will solidify [Pfiffner’s] position as the leader in the CNC rotary transfer segment, and our customers are sure to benefit from future technological developments driven by a stronger Pfiffner.”
FFG also recently signed an agreement to acquire all shares of MAG IAS GmbH. The parties to that deal expect the transaction to close before October 2015 in time for the EMO trade fair in Milan, Italy.
Fair Friend Group, visit fairfriend.com.tw.