FLSmidth Cement sold its MAAG gears and drives business to Sweden-based investment company, Solix Group AB. The transaction is expected to close during the 1Q24 and includes all related assets, including intellectual property, technology, employees and customer contracts.
The divestment of the MAAG business is in line with FLSmidth Cement’s GREEN’26 strategy, which in combination with a greater strategic focus on the Service business includes focussing the product portfolio on the core technologies required for the green transition in the cement industry.
MAAG’s product range includes a wide range of industrial gear solutions for all types of mills and kilns, gear solutions for bucket-wheel excavators and belt conveyors as well as many other heavy-duty applications used in the cement, mining and other industries. The business has an annual turnover of approximately DKK400-500m.
“The divestment is fully aligned with our ongoing transformation efforts and supports our GREEN’26 strategy. I would like to extent my gratitude to the dedicated employees in the MAAG business for their unwavering commitment to supplying high-quality solutions and services. I wish all the MAAG employees and Solix the very best going forward”, says Christopher Ashworth, President of FLSmidth Cement.
The transaction does not alter FLSmidth’s previously-announced financial guidance for the full year 2023.
