/Meritor to acquire AxleTech for $175 million

Meritor to acquire AxleTech for $175 million

Meritor to acquire AxleTech for $175 million

Automobile component manufacturer Meritor will acquire drivetrain company AxleTech for $175 million in an effort to expand its off-highway, defense, and aftermarket segments. AxelTech’s offerings include a line of independent suspensions, axles, braking solutions, and drivetrain components. The company recently launched a new line of electric powertrain systems for off-highway applications.

Jay Craig, Meritor’s CEO and President, said, “The addition of AxleTech is a compelling value-creating opportunity to broaden our position in attractive, adjacent markets and advances our M2022 strategy. Meritor’s technical expertise, operational excellence and proven track record will be a powerful platform to accelerate growth. Our product portfolios are highly complementary and we share a commitment to our people and customers.”

Bill Gryzenia, AxleTech CEO, said, “AxleTech has positioned itself as a strong, advanced drivetrain solutions manufacturer in the off-highway and defense market segments. These solutions range from heavy-duty axles to new re-manufacturing capabilities and electric powertrain systems for our global customer base.”

Source: Meritor