AxleTech Sells Electric Vehicle Systems Group to Allison Transmission
Apr 23, 2019, 07:05 ET
TROY, Mich., April 23, 2019 /PRNewswire/ -- AxleTech, the world's premier provider of off-highway and specialty vehicle drivetrain systems and components, announced the sale of its Electric Vehicle Systems division to Allison Transmission, effective immediately. The transaction consists exclusively of assets, intellectual property, products, and people specifically involved in AxleTech's advanced integrated electrification solutions. The deal, finalized on April 16, affects 5% of AxleTech's global employees. AxleTech's core business in the commercial off-highway and defense industries, including certain non-integrated electrification solutions for off-highway and defense industries, aftermarket, and remanufacturing, will continue to operate under the ownership of The Carlyle Group.
"Several years ago, we established our Electric Vehicle Systems group to develop electric vehicle solutions for on- and off-highway applications as a complement to our 100-year-old off-highway heritage," said Bill Gryzenia, CEO, AxleTech. "Today, thanks to the incredible job done by everyone involved, it's time to let the advanced integrated electrification solutions enter their next phase of development and commercialization with Allison Transmission. This agreement allows AxleTech to focus on what we do best – traditional powertrain and non-integrated electric solutions for the off-highway and defense industries."
"The advanced integrated electric vehicle systems will fit well within our electrification strategy and support our vision of being the global leader in commercial-duty electric propulsion solutions," said David S. Graziosi, Allison Transmission President and CEO.
The divestiture of its advanced integrated electrification solutions enables AxleTech to focus on its core capabilities for global off-highway drivetrain applications, including aftermarket and remanufacturing, as well as on-highway aftermarket solutions.
About Allison
Allison Transmission (NYSE: ALSN) is the world's largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and is a leader in hybrid-propulsion systems for city buses. Allison transmissions are used in a variety of applications including refuse, construction, fire, distribution, bus, motorhomes, defense and energy. Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA and employs approximately 2,900 people worldwide. With a market presence in more than 80 countries, Allison has regional headquarters in the Netherlands, China and Brazil with manufacturing facilities in the U.S., Hungary and India. Allison also has approximately 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.
About AxleTech
AxleTech is a leading technology company that engineers, designs, manufactures, sells and services powertrain solutions for on- and off-highway heavy-duty commercial vehicles. With industrial roots established in 1919, the company's nearly 800 worldwide employees drive the company to develop advanced powertrain systems, axles, brakes, components and aftermarket parts for global customers. Headquartered in Troy, Michigan, the company has locations in Oshkosh, Wisconsin; Chicago; Saint-Étienne, France; Osasco, Brazil; Pune, India; and Shanghai. For more information about AxleTech, please visit www.axletech.com.
SOURCE AxleTech
