logo
Plus   Neg
Share
Email

American Axle & Manufacturing To Sell U.S. Iron Casting Operations For $245 Mln

American Axle & Manufacturing Holdings Inc. (AXL) said Wednesday that it agreed to sell its U.S. iron casting operations to funds managed by Gamut Capital Management for an aggregate purchase price of $245 million.

The sale price will consist of $185 million in cash and a $60 million deferred payment obligation.

The company said it will primarily use net cash proceeds to repay outstanding indebtedness. The transaction is expected to close in the fourth quarter of 2019.

Meanwhile, the company noted that it will retain its El Carmen, Mexico iron casting operations.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Back-to-school and college spending is projected to exceed the $100 billion mark for the first time ever ever despite the coronavirus pandemic, according to an annual survey by the National Retail Federation or NRF. The survey released by NRF and Prosper Insights & Analytics projects total spending for K-12 and college combined to reach $101.6 billion in 2020, up from last year's $80.7 billion. U.S. laboratory equipment maker Thermo Fisher Scientific Inc. (TMO) and Netherlands-based Qiagen N.V. (QGEN) announced Thursday that they have entered into an amendment to their acquisition agreement under which Thermo Fisher has commenced a tender offer to acquire all of the ordinary shares of Qiagen. The... Morgan Stanley (MS) reported better-than-expected Q2 results, bolstered by strong trading revenues, amid the COVID-19 pandemic.
RELATED NEWS
Follow RTT