Denmark/Sweden: FLSmidth Cement has sold its MAAG gears and drives business to the Sweden-based investment company Solix Group for an undisclosed sum. The transaction is expected to close during the first quarter of 2024 and includes all related assets, including intellectual property, technology, employees and customer contracts. FLSmidth said that the divestment was is in line with its Green'26 strategy, which in combination with a greater strategic focus on the service business includes focusing the product portfolio on the core technologies required for a potential green transition in the cement industry.

The MAAG 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 average turnover of around Euro55 – 65m/yr.

Christopher Ashworth, the president of FLSmidth Cement, said “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."