American Axle & Manufacturing Holdings Inc., a global Tier 1 automotive and mobility supplier based in Detroit, today announced it has entered into a definitive agreement to acquire Tekfor Group for an enterprise value of approximately $136 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,” says David C. Dauch, CEO and chairman for AAM. “We are excited to expand our metal forming technologies to serve a broad range of global customers.”
Tekfor Group is based in Hausach, Germany. Its products include traditional powertrain and driveline (for both internal combustion and hybrid applications) as well as new E-mobility components. It also specializes in automotive fasteners and metal formed components.
Tekfor generated sales of approximately $310 million in 2021. Subject to regulatory approval and other customary closing requirements, the transaction is expected to close in the second quarter of 2022.
AAM has nearly 80 facilities across 17 countries. It designs, engineers and manufactures driveline and metal forming technologies to support electric, hybrid, and internal combustion vehicles.
