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Thursday, October 9, 2014

German machine tool maker MAG eyes 2015 stock market listing, (NYSE: JCI)

German machine tool maker MAG IAS is considering a stock market listing as soon as next year, as its U.S.-based owner Mo Meidar is seeking an exit, the company said. The move follows a restructuring in which Meidar, who formed MAG by buying a number of industrial businesses including units of ThyssenKrupp and Kuka, sold MAG's American operations to France's Fives last year.MAG IAS employs roughly 1,500 staff and is targeting sales of 450 million euros ($572 million) this year. It did not publish group earnings figures.Rainer Schmueckle, a former manager at Daimler and Johnson Controls, has been named new chief executive of MAG IAS. He replaces Meidar, who will remain chairman.MAG specialises in supplying car makers with production lines and has recently shed all non-automotive businesses. (1 US dollar = 0.7872 euro)

Johnson Controls, Inc. (Johnson Controls) manufactures, installs and services automatic temperature regulation systems for buildings. Shares of JCI fell by 3.19% or $-1.41/share to $42.81. In the past year, the shares have traded as low as $40.69 and as high as $52.50. On average, 3107540 shares of JCI exchange hands on a given day and today's volume is recorded at 1716384.