American Axle and Manufacturing Holdings Inc. in Detroit announced today that it has completed the acquisition of Metaldyne Performance Group Inc. (MPG). The transaction was unanimously approved by the boards of directors of both companies, and recently approved by stockholders of American Axle and MPG.
“Today is a historic day where we combine the strengths of both American Axle and MPG into a premier, global Tier 1 automotive supplier with broader capabilities across multiple product lines,” says David C. Dauch, chairman and CEO of American Axle.
“This transformational acquisition will allow us to maximize stakeholder value by creating a company with greater size, scale, and increased business diversification that delivers efficient, powerful, and innovative solutions for our customers.”
With the deal, Dauch will remain as chairman and CEO, while American Axle’s board of directors will be expanded to include three designees of American Securities — George Thanopoulos, MPG’s CEO prior to the acquisition, along with former MPG board members Kevin Penn and Loren Easton.
Reporting to Mr. Dauch will be Michael K. Simonte, president; Timothy E. Bowes, senior vice president — strategy and business development; Christopher J. May, vice president and CFO; Terri M. Kemp, vice president — human resources; and David E. Barnes, vice president and general counsel
In turn, American Axle will operate four business units with the following executives reporting to Simonte: Alberto L. Satine, president, driveline business unit; Norman Willemse, president, metal forming business unit; Todd Heavin, president, casting business unit; and Greg Deveson, who will join American Axle on April 17 as president, powertrain business unit.
Upon completion of the acquisition, MPG became a wholly-owned subsidiary of American Axle. As a result, MPG shares ceased trading on the New York Stock Exchange prior to the today’s market opening and will be delisted.
American Axle is a global leader in design, engineering, validation, and manufacturing of driveline, metal forming, powertrain, and casting technologies for automotive, commercial, and industrial markets. The company has more than 25,000 employees operating at more than 90 facilities in 17 countries.