American Axle & Manufacturing Holdings, Inc. (AAM) announced it has entered into a definitive agreement under which AAM will acquire Tekfor Group for an enterprise value of €125 million.
Subject to regulatory approval and other customary closing requirements, the transaction is expected to close in the second quarter of 2022.
“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 specialist in automotive fasteners and metal formed components for driveline, powertrain, and E-mobility applications, AAM says. Tekfor generated sales of approximately €285 million in 2021.
