General Dynamics Corp acquires AxleTech International
Aerospace and defense giant General Dynamics Corp. has finally reached a deal to buy AxleTech International, from private equity firm Carlyle Group.
AxleTech makes axles, suspensions, brakes and aftermarket parts for military vehicles, trucks and off-highway machines. The company provides service and support to customers around the world through an extensive network of reliable partners in Europe, Asia, Africa, the Middle East, South America and Australia.
Post acquisition, AxleTech and its 1,000 employees worldwide will become part of Charlotte-based General Dynamics Armament and Technical Products.
However, the financial terms weren’t disclosed by the companies regarding the deal, which is expected to close by the end of the year.
General Dynamics, headquartered in Falls Church, Va., is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. The firm employs approximately 91,200 people worldwide.
At 10:35 am, General Dynamics was quoting at $49.79, up $1, or 2%. It has touched an intraday high of $50.25 and an intraday low of $48.92.
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