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Automotive Aftermarket Manufacturing

AAM Closes Sale Of US Iron Casting Operations

AAM received net cash proceeds of approximately $141.2 million from the sale, which are subject to customary post-closing adjustments, as well as a $60 million deferred payment obligation.

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American Axle & Manufacturing Holdings (AAM) has closed on the previously announced sale of its U.S. iron casting operations (Grede) to funds managed by Gamut Capital Management. AAM first announced the sale in September. 

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AAM received net cash proceeds of approximately $141.2 million from the sale, which are subject to customary post-closing adjustments, as well as a $60 million deferred payment obligation. 

Across 10 manufacturing facilities, Grede develops, manufactures, assembles and supplies ductile, gray and specialty iron castings and machined components for automotive, commercial vehicle and industrial markets. For the full year 2018, Grede generated $781 million in sales ($741 million excluding intercompany transactions).

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