Near-record growth for MAG: US $1.6 B in 2011
- Published: December 4, 2011
In the ongoing good-news story about the manufacturing sector, MAG's global results indicate that the resurgence isn't just a North American one. MAG IAS (MAG Americas) and MAG Europe reports near-record growth in bookings and sales in 2011 and year-end bookings are expected to reach close to US $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 US $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 per cent and 20 per cent respectively, is forecasting full year bookings over US $620 million, and will enter 2012 with a backlog of US $450 million.
"During the year we introduced a significant number of new products and shared in a robust export market," said 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 per cent as of the end of the third quarter. Phenomenal growth at MAG Europe GmbH–up 275 per cent in two years–has resulted in recently announced new financing to fund continued growth.