General Dynamics, a defence industry contractor, has agreed to acquire AxleTech International, a supplier of off-highway and specialty vehicle drivetrain systems and components, from pr
General Dynamics, a defence industry contractor, has agreed to acquire AxleTech International, a supplier of off-highway and specialty vehicle drivetrain systems and components, from private equity firm Carlyle Group.
AxleTech International employs approximately 1,000 workers worldwide.
It is based in Troy, Michigan, and has manufacturing facilities in Oshkosh, Wisconsin; Detroit, Michigan; Chicago, Illinois; St. Etienne, France; and Osasco, Brazil.
The proposed acquisition, which has been approved by both companies, is subject to normal regulatory approvals and is expected to close by the end of 2008.
AxleTech International will become part of Charlotte, North Carolina-based General Dynamics Armament and Technical Products.
Charles Hall, General Dynamics executive vice president for combat systems, says: ‘AxleTech International is a well-run company with a strong management team and a skilled workforce that offers a high-value line of quality products to a global customer base. We look forward to maintaining and strengthening the relationships AxleTech International enjoys with its existing customers, expanding and diversifying the technical products General Dynamics provides to customers around the world, and pursuing new markets together through collaboration among the product experts at each company.’
Gregory Ledford, Carlyle managing director, adds: ‘Carlyle is pleased to have supported AxleTech’s world class management team in its strategic objective of expanding product lines and broadening its customer base. We are confident AxleTech will continue to prosper as part of General Dynamics.’
