MAG Group Completes Refocusing on Automotive Sector and Appoints Rainer Schmueckle as New CEO

BIRMINGHAM, England, October 14, 2014 /PRNewswire/ --

• Refocusing on core automotive business successfully completed

• Former top manager from Daimler and Johnson Controls becomes CEO of international machine tool manufacturer MAG

• Former CEO Prof. Mo I. Meidar will continue his involvement with MAG as the Chairman of the global MAG board

The international MAG Group, one of the world's largest and technologically most advanced providers of machine tools and production plants for the mechanical processing of engine and chassis components for the automotive industry, has appointed a new Chief Executive Officer (CEO). The company announced that Rainer Schmueckle (54) will take over the position. He succeeds MAG founder Prof. Mo I. Meidar, who will continue his involvement with MAG as the Chairman of the global MAG board.

Prof. Mo I. Meidar said: "Rainer Schmueckle held several leading management positions at international level, both at automotive manufacturers and automotive suppliers. It is an honor to hand the job of CEO over to a person of the stature and caliber of Rainer Schmueckle and testament to the attractiveness of the business that MAG stands for. Under his stewardship, MAG will advance to the next level to become the premier machine tools manufacturer for the global automotive industry ensuring longterm success for our customers, employees and investors."

Rainer Schmueckle is one of the most distinguished managers from the automotive industry. After completing his studies in industrial engineering, he worked for more than 25 years for the Daimler Group, where he held several major management positions including CEO of the US truck subsidiary Freightliner and COO of the Mercedes Car Group. Most recently he held the position of COO Automotive Experience at Johnson Controls, which is one of the largest automotive suppliers in the world.

Rainer Schmueckle said: "I look forward to leading an innovative company like MAG as it further expands and strengthens its position as one of the premier providers in its segment and shaping this future together with my management colleagues and the company's workforce."

MAG machines are used to make one out of every three car and truck crankshafts worldwide 

Already today, MAG machines are used to make one out of every three passenger car and truck crankshafts, one in five engine blocks and every fifth cylinder head worldwide. MAG is a key supplier to more than 100 international car manufacturers and suppliers and has production facilities in Germany, USA, Hungary, China and India. MAG holds numerous patents and offers its customers exclusive solutions. These include, for example, cryogenic machining (cooling tools using liquid nitrogen), which is currently only available in series production from MAG. This process allows to cut tough materials to be machined up to three times faster than conventional methods or prolongs the tool's life fivefold under normal conditions. Dr. Heiner Lang, President of MAG Europe and Asia, said: "Cryogenic machining represents a major leap in manufacturing technology and heralds a paradigm shift similar to the dry cutting technology in the 1990s." MAG supplies major international and UK car manufacturers.

In 2013, MAG decided to focus the conglomerate, which up to then had supplied a variety of industries ranging from aviation to the oil and gas industry to the railway industry besides the automobile industry, solely on the profitable core automotive business. As a result, all activities that weren't part of the automotive area were divested. In addition, the organizational structure was considerably simplified. The appointment of Rainer Schmueckle marks the successful conclusion of MAG Group' refocusing which it has undergone in the past eighteen months.

Under IFRS accounting rules, the MAG Group will generate a turnover of around EUR 450 million in 2014. Dr. Reiner Beutel, CFO, said: "Our new, clear positioning and the simplification of our organizational structure will further support our goal to go public in the medium term."

About MAG 

MAG is one of the world's largest and technologically most advanced providers of turnkey production plants and machines for the mechanical processing of engine and chassis components for the automotive industry. MAG has approx. 1,500 employees with manufacturing, sales and service locations in Germany, USA, China, India, Hungary and the UK.

MAG offers machine tools, manufacturing systems, and services including turning, milling, honing, systems integration, automation & software, services, retrofit, core components, and e-learning. As full scale supplier, MAG manufacturing solutions include a comprehensive range of equipment and technologies, process capability and full turnkey systems. With an in-depth knowledge of applications and manufacturing requirements, MAG partners with its customers to continuously reduce their production costs.

Contact
Mark Erskine
General Manager MAG UK
+44-121-313-5315
mark.erskine@mag-ias.com

SOURCE MAG IAS GmbH