American Axle bolsters electrification strategy with acquisition of Tekfor
American Axle & Manufacturing Holdings Inc. is acquiring Tekfor Group in a deal valued at more than $135 million as the U.S. automotive supplier expands its electrification portfolio.
American Axle’s purchase of the Hausach, Germany-based company, announced Monday, comes with 2,100 employees across eight plants in Europe and America, including one in Ohio.
The deal is subject to regulatory approvals and expected to close in the second quarter.
“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,” AAM Chairman and CEO David Dauch said in a news release. “We are excited to expand our metal forming technologies to serve a broad range of global customers.”
The deal follows Detroit-based American Axle’s $15 million investment in Silicon Valley venture capital firm Autotech Ventures in February and its push for electrified drive units, wheel end motors and e-beam axles.