Allison Transmission said it had completed acquisition of India-based AVTEC’s off-highway transmission business and Madras Export Processing Zone (MEPZ) off-highway component machining business.
The deal, first announced on 16 September, 2021, closed officially on 31 March.
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“This acquisition will position Allison’s product portfolio for strategic growth in the off-highway segment in India and other global markets that demand purpose-built products that deliver unrivaled performance, durability, reliability and productivity,” said Todd Bradford, vice president, strategy, business and corporate development at Allison Transmission.
The heavy duty automatic transmission maker purchased the AVTEC assets for $23 million in cash.
Based in New Delhi and part of the CK Birla Group, AVTEC is one of India’s largest independent manufacturers of powertrain and precision engineered products for automotive, off-highway, defence, agriculture and railway industries, in areas of both proprietary products and contract manufacturing.
With this acquisition, Allison will also integrate AVTEC’s off-highway component machining operations currently located at the MEPZ facility in Chennai into Allison’s own Chennai manufacturing plant to continue producing housings for Allison’s off-highway transmissions.
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By GlobalData