American Axle & Manufacturing Holdings, Inc. 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.
Tekfor sold its Italian subsidiary in 2020 to Mutares.
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.
About Tekfor Group
Tekfor Group is a leading specialist for high-performance components, modules and fasteners. Products include traditional powertrain and driveline (for both internal combustion and hybrid) as well as an increasing number of E-mobility components. With Headquarters in Hausach, Germany, Tekfor Group has eight sites and employs approximately 2,100 staff in Europe and the Americas covering the whole value chain from engineering to manufacturing.
