- American Axle & Manufacturing Holdings Inc AXL has agreed to acquire Tekfor Group for an enterprise value of €125 million.
- Tekfor Group specializes in automotive fasteners and metal-formed components for driveline, powertrain, and E-mobility applications.
- Tekfor generated sales of approximately €285 million in 2021.
- "This acquisition leverages the core strengths of AAM with significant synergy potential, diversifies our geographic and customer sales mix, and increases our electrification product portfolio," said Chairman and CEO David C. Dauch.
- The transaction is expected to close in the second quarter of 2022.
- American Axle held $530.2 million in cash and equivalents as of December 31, 2021.
- Price Action: AXL shares are trading higher by 2.96% at $6.95 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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