MAAG_LGDX 4-minFLSmidth Cement sold its MAAG gears and drives business to the Swedish investment company, Solix Group AB. The company said the transaction is expected to close during the first quarter of 2024 and it includes all assets, intellectual property, technology, employees and customer contracts.

The MAAG divestment decision is in line with FLSmidth Cement’s 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 the 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 bucketwheel excavators and belt conveyors as well as many other heavy-duty applications. The business has an average annual turnover of around $58 million to $73 million.

FLSmidth said it expects to realize a small net gain from the divestment of the MAAG business, which will be recognized in the first quarter of 2024.