MAE acquires Eitel Presses Inc. and forms U.S. subsidiary MAE-Eitel Inc.

Erkrath, (PresseBox) - MAE, Erkrath, Germany, the world market leader in automatic straightening machines and wheel set presses, has acquired Eitel Presses Inc. of Orwigsburg, Pennsylvania.

Eitel Presses Inc. was the North American market leader since 1973 with over 2,000 machines installed and sales of USD 14 million in 2013 in the automotive, aerospace, energy, agricultural and construction industries. Building on this success current management remains unchanged with Norman Walker as President. Founder and former President, Ronald Schildge, will be active in an advisory role.

MAE-Eitel Inc. with engineering, manufacturing, sales and service will operate out of the existing U.S. facility relying on the experience of its 60 employees. Additional product offerings now include wheel set presses for the rail industry, and high capacity (up to 4,000 tons) straightening presses for the steel industry.

This acquisition is an important strategic step strengthening the company's presence in North America and goal of supporting current and future customers.

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MAE. Maschinen- und Apparatebau Götzen GmbH

MAE is a leading specialist for straightening machines and wheelset presses worldwide. Since 1931, the company has successfully developed innovative products tailored to specific customer requirements in various branches of industry. MAE provides standard machines and individual concepts as solutions for straightening diverse workpieces in the automotive industry, tool manufacture and other industries. Innovative MAE assembly technologies are used worldwide in railway engineering. MAE solutions are cross-functional and include technological aspects such as mechanical, electrical, drive and control engineering.

MAE Maschinen- und Apparatebau Götzen GmbH based in Erkrath achieved in 2012 a sales volume of € 34 million and employs about 130 staff.

MAE belongs 100% to GESCO AG, a holding company that acquires highly profitable, strategically interesting medium-sized industrial companies, offering them a long-term future with the objective of advancing and developing their business. GESCO has been listed since 24 March 1998. The GESCO share is listed in the Prime Standard and, since 23 June 2008, in the SDAX.

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