Meritor Inc. in Troy, a global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets, has successfully completed the acquisition of Troy-based AxleTech from global investment firm The Carlyle Group.
The transaction enhances Meritor’s growth platform with the addition of a complementary product portfolio, including a full line of independent suspensions, axles, braking solutions, and drivetrain components. AxleTech will operate within Meritor’s Aftermarket, Industrial, and Trailer segment.
“The addition of AxleTech advances our growth strategy while further diversifying our portfolio in strategic, adjacent markets,” says Jay Craig, president and CEO of Meritor. “We are delighted to welcome AxleTech to the Meritor team with a shared focus on driving superior performance, efficiency and reliability for our global customers with a wider array of products and solutions.
“We look forward to realizing the benefits of the transaction as we continue executing on our priorities to enhance value for our shareholders, customers and employees.”
Meritor serves commercial truck, trailer, off-highway, defense, specialty, and aftermarket customers around the world.
The company has around 9,300 employees spread among multiple manufacturing facilities, engineering centers, joint ventures, distribution centers, and global offices in 19 countries. The company traces its roots to 1919 when a predecessor firm was founded by Willard Rockwell. It eventually became Rockwell International, which was later broken up and sold off.
AxleTech engineers, designs, manufactures, sells, and services powertrain solutions for on- and off-highway heavy-duty commercial vehicles. The company has approximately 700 employees who develop advanced powertrain systems, axles, brakes, components, and aftermarket parts for global customers.