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2016-02-23

DGAP-News: Dr. Reiner Beutel to leave MAG Group following successful merger with FFG and bond refinancing

DGAP-News: Dr. Reiner Beutel to leave MAG Group following successful merger
with FFG and bond refinancing

DGAP-News: MAG IAS GmbH / Key word(s): Change of Personnel/Merger
Dr. Reiner Beutel to leave MAG Group following successful merger with FFG
and bond refinancing

23.02.2016 / 10:00
The issuer is solely responsible for the content of this announcement.

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Eislingen, February 23, 2016. MAG Group has announced that Dr. Reiner
Beutel, a member of the management board of MAG IAS GmbH and Deputy CEO of
the combined FFG & MAG Group, is, at his own request, to leave the company
at the end of February by mutual agreement and on the most cordial of
terms.

In September 2013, Reiner Beutel was appointed by the supervisory board to
a position on the management team of MAG IAS GmbH. Acting as CFO from 2013
until March 2015, he oversaw the operational and structural reorganization
of MAG Group, focusing the company's activities on the automotive division
and playing a decisive role at a very difficult stage in the life of the
company, during which he succeeded in transferring control of the business
from the trustees back to the shareholder, and also completed the
refinancing of the bank guarantee credit lines. From June 2015 onwards, in
his new role as CEO, Dr. Beutel led the strategy process review that had
since been initiated, as part of which a variety of equity- and
debt-financed instruments, together with a possible sale of MAG Group, were
evaluated as possible future options. Within a short space of time under
his direction, an agreement was reached with the internationally operating
Fair Friend Group (FFG) on the acquisition of MAG Group and the refinancing
of the company's bond.

With the combination of the two companies, completed in November 2015, MAG
has gained the support of a strong partner to assist and promote the future
development of the group while at the same time securing long-term
refinancing through the new owner. Following closure of the deal, Dr.
Beutel acted, in his role as Deputy CEO, alongside CEO Luigi Maniglio from
FFG at the head of the newly formed group, which today is one of the
world's Top 3 machine tools manufacturers. Following redemption, completed
on February 8, 2016, of the EUR 50m bond originally issued by MAG in 2011,
Reiner Beutel is to leave the company as of the end of February.

Jimmy Chu, chairman and founder of the Fair Friend Group, stated: "The
longstanding ties that link us to Dr. Reiner Beutel and the then
shareholder, Mo Meidar, have been a very deep relationship at both the
business and personal level, reinforcing us in our conviction that MAG
Group is the right partner to help us significantly boost our machine tools
business in the European market."

Luigi Maniglio, chairman of FFG Europe and chief executive of MAG IAS GmbH,
added: "Dr. Reiner Beutel made, by virtue of his industrial and financial
expertise, a major contribution to the process by which the MAG machine
tools group has successfully repositioned itself in the marketplace, now
making it, through its portfolio of brands, one of the world's leading
suppliers in the automotive segment. Shareholders, supervisory board,
management, and the workforce of MAG hereby express their appreciation to
Dr. Beutel for his outstanding achievements."

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 recorded
revenues of approx. EUR 500 million for fiscal year 2015.
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. www.mag-ias.com

About Fair Friend Group:
The Taiwan based Fair Friend Group is a world leading industrial
conglomerate, generating an annual turnover of USD 3.8 billion (including
MAG Group) with over 80 companies operating in the fields of Machine Tool
Technology, PCB, Industrial Equipment and Green Technology. Founded in 1979
in Taiwan, FFG developed into the largest local machine tool manufacturer
with major brands like Feeler and Leadwell. From 1989, the growth strategy
included international acquisitions in the USA, Italy, Germany, Japan,
South Korea, and Switzerland. The acquisitions included leading
manufacturing technology companies like VDF Boehringer, Hessapp, Honsberg,
H?ller Hille, Ikegai, Jobs, MAG Group, Modul, Pfiffner, Rambaudi, Sachman,
Sigma, Witzig & Frank.
FFG's machine tool division covers a large variety of industries, including
Aerospace, Railway, Mould and Die, Electronics, and Automotive. With MAG's
seven production facilities, FFG increases the number of machine tool
factories to 51 across the globe, now covering Taiwan, Germany, Italy,
Hungary, Japan, South Korea, China, Switzerland, India and the USA with a
total of 32 brands. With over 6000 employees, the machine tool division of
FFG, including the MAG Group, generates an annual turnover of more than USD
2.3 billion.

Press Contact:
Joachim J?ckl
+49 7161 1567 210
Joachim.Jaeckl@ffg-werke.com

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23.02.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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