Indianapolis-based Allison Transmission Holdings Inc., in two separate deals announced Tuesday (April 22), has acquired the electric vehicle systems division of Troy, Mich.-based AxleTech International and London-based Vantage Power Ltd. for a combined $132 million dollars.
The Indianapolis Business Journal reported that in a transaction that closed April 16, Allison paid $123 million to acquire the assets of AxleTech’s electric vehicle systems division, which makes electric axles for medium- and heavy-duty trucks and buses. AxleTech’s systems can be used in battery electric, fuel-cell electric and electric hybrid vehicles.
Also on Tuesday, the engine maker reported a quarterly profit of $167 million, or $1.32 per share, up from $151 million, or $1.08 per share, during the same quarter of 2018. Revenue totaled $675 million for the quarter, up from $663 million a year earlier.
AxleTech has nearly 800 employees in Michigan, Chicago, Wisconsin, France, Brazil, India and China.
Allison also paid $9 million to acquire 100% of the stock of Vantage Power in a deal that closed April 12. Allison could pay an additional amount of up to $8 million over the next three years if certain conditions are met.
Vantage, established in 2011, makes hybrid and electric propulsion systems, battery systems, powertrain control systems and telemetry data systems for heavy-duty vehicles.
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