American Axle & Manufacturing Holdings, Inc. (AAM), a global Tier 1 automotive and mobility supplier, announced that it has entered into a definitive agreement to acquire Tekfor Group.
Tekfor is a specialist in automotive fasteners, as well as metal-formed and e-mobility components, making it an ideal addition to AAM’s business.
Tekfor is a specialist in automotive fasteners and metal-formed components for driveline, powertrain, and e-mobility applications. Based in Germany, it has 2,100 associates in Europe and the Americas covering the whole value chain from engineering to manufacturing.
“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 CEO, David C. Dauch.
AAM designs, engineers, and manufactures driveline and metal-forming technologies to support electric, hybrid, and internal combustion vehicles. It is headquartered in Detroit, with nearly 80 facilities in 17 countries,
“We are excited to expand our metal-forming technologies to serve a broad range of global customers,” added Dauch.
The acquisition was for an enterprise value of €125 million and is subject to regulatory approval and other customary closing requirements. The transaction is expected to close in the second quarter of 2022.
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