Acquires Tekfor, a Leading Specialist in
Formed and E-Mobility Components
DETROIT, April
11, 2022 /PRNewswire/ -- American Axle & Manufacturing
Holdings, Inc. (AAM), (NYSE: AXL) announced today that it has
entered into a definitive agreement under which AAM will acquire
Tekfor Group for an enterprise value of €125 million.
"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. In addition, this purchase fits nicely with our recent
tactical M&A approach," said AAM's Chairman and Chief Executive
Officer, David C. Dauch. "We
are excited to expand our metal forming technologies to serve a
broad range of global customers."
Based in Hausach, Germany,
Tekfor Group is a leading specialist in automotive fasteners and
metal formed components for driveline, powertrain, and E-mobility
applications. Tekfor generated sales of approximately €285 million
in 2021.
Subject to regulatory approval and other customary closing
requirements, the transaction is expected to close in the second
quarter of 2022.
About AAM
As a leading global Tier 1 Automotive and
Mobility Supplier, AAM (NYSE: AXL) designs, engineers and
manufactures Driveline and Metal Forming technologies to support
electric, hybrid and internal combustion vehicles. Headquartered in
Detroit with nearly 80 facilities
in 17 countries, AAM is bringing the future faster for a safer and
more sustainable tomorrow. To learn more, visit aam.com.
About Tekfor Group
Tekfor Group is a leading
specialist for mission-critical high-performance components,
modules and fasteners. Products include traditional powertrain and
driveline (for both internal combustion and hybrid applications) as
well as a strongly increasing number of E-mobility components.
Headquartered in Hausach, Germany,
Tekfor Group has eight sites and employs approximately 2,100
associates in Europe and the
Americas covering the whole value chain from engineering to
manufacturing.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, without limitation, statements with respect to the
transaction and the anticipated consequences and benefits of the
transaction and other information relating to matters that are not
historical facts. These forward-looking statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by these
statements. These risks and uncertainties include the receipt
and timing of necessary regulatory approvals and the other factors
detailed from time to time in the reports we file with the SEC,
including those described under "Risk Factors" in our Annual Report
on Form 10-K and our Quarterly Reports on Form 10-Q. These
forward-looking statements speak only as of the date of this
communication. We expressly disclaim any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in
our expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
For more information:
Investor Contact:
David H.
Lim
Head of Investor
Relations
(313)
758-2006
david.lim@aam.com
Media Contact:
Christopher M.
Son
Vice President, Marketing & Communications
(313) 758-4814
chris.son@aam.com
Or visit the AAM website at www.aam.com.
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SOURCE American Axle & Manufacturing Holdings, Inc.