MAG IAS, LLC (MAG Americas) and MAG Europe GmbH (MAG Europe) each experienced near-record growth in bookings and sales during 2011, with year-end bookings forecasted to reach approximately $1.6 billion for the combined companies. All sectors of the companies' businesses delivered significant double-digit increases, with particular strength in automotive, aerospace/defense, energy and heavy equipment. Both MAG companies also shared in record export sales of approximately $500 million to China, Russia, India and other nations, reflecting the value of advanced manufacturing in all of MAG’s key market regions.
MAG IAS, LLC reported increases in bookings and sales year to date of 60% and 20% respectively, is forecasting full year bookings over $620 million, and will enter 2012 with a backlog of $450 million. MAG was a must see exhibitor at last fall's imX show in Las Vegas, where the company provided visitors with the latest technical information and live demonstrations on its new cryogenic machining process using a patented process to deliver liquid nitrogen (-321°F) through the tool. Lockheed Martin announced during the show that the process had been approved for use in rough machining of titanium parts for the F-35 Lightning II stealth fighter, citing its cost reduction potential for defense work.
"During the year we introduced a significant number of new products and shared in a robust export market," says Dave Nowicki, president of MAG IAS, LLC. "We received our first export license for a composite tape layer shipped to China, and combined with the newly acquired French company, Forest Liné Industries, we are the market share leader in the Russian aerospace sector. We will end the year profitably, with a very strong backlog, balance sheet and cash flow, positioned for long term growth."
MAG Europe GmbH also enjoyed success throughout 2011, with shipments up 60% as of the end of Q3. At the recent EMO exhibition in Hannover, Germany, MAG Europe exhibited five different types of machines and processes utilizing the new cryogenic machining technology, sparking great interest from the aerospace and automotive sectors. Phenomenal growth at MAG Europe GmbH – up 275% in two years – has resulted in recently announced new financing to fund continued growth. As part of the new financing structure, Mr. Mo Meidar placed his shares in MAG Europe GmbH into a trust as collateral to obtain an extension of short-term financing while a long term credit facility is arranged. "MAG Europe and MAG Americas will continue their close cooperation of worldwide sales, service, and technical support in all markets," Nowicki explains. Mo Meidar remains as sole owner of MAG IAS, LLC.