Elkhart Manufacturer Adding 'European Counterpart'

Posted: Updated:
Dexter currently has five plants, three of which are located in northern Indiana. Dexter currently has five plants, three of which are located in northern Indiana.
ELKHART -

Elkhart-based Dexter Axle Co. has announced a deal to acquire a German manufacturer with a global footprint. The combination with AL-KO Vehicle Technology will create DexKo Global Inc. and its headquarters will remain in Elkhart County.

The companies say the combined business will have global sales nearing $1 billion and the deal is expected to close by year's end.

The Sterling Group, which is the majority owner of Dexter, will have the same role with DexKo Global.

Dexter board member Fred Bentley is set to become DexKo Chief Executive officer. He previously served as CEO of Maxion Wheels. Current Dexter CEO Adam Dexter, grandson of the company's founder, will continue to lead Dexter. Sterling Group Partner Kevin Garland will still be chairman of the board and the board will add AL-KO Kober SE CEO Stefan Kober as vice chairman.

Bentley said "I am excited by the opportunity to lead and bring together two world class organizations. We will focus on continuing to lead with great technology and customer service and to expand our strong market leadership positions. It is truly an exciting time for this new organization and we will use our collective strengths for the benefit of all of our customers, employees, suppliers and stakeholders."

The Sterling Group says financial details of the transaction are not being released.

  • Perspectives

    • How to Build an Effective Team

      Many leaders who are looking to increase overall productivity at their company are implementing collaborative team environments. This growing trend is backed up by a recent study that states collaborative work environments lead to an increase in overall profitability. However, teams are only effective if built correctly. Don’t expect a group of employees to work well together if you throw them in a room without cultivating any sort of trust or team building.

    More
  • Most Popular Stories

    • UPDATE: Nestl√© Details Fort Wayne Layoffs

      Virginia-based Nestlé USA says only 40 employees will be laid off at the company's Fort Wayne distribution center. A spokesperson for Nestlé tells Inside INdiana Business a WARN Notice filed with the state incorrectly stated the facility would close at the end of the year, affecting nearly 70 workers.

    • Eleven Fifty to Move Headquarters

      Eleven Fifty Academy has announced plans to relocate. The nonprofit coding academy says it will invest $5 million to move its national headquarters to a 25,000-square-foot space in downtown Indianapolis near the Indiana Statehouse. Eleven Fifty says it will maintain its existing space in Fishers and has additional plans to add more locations statewide in the future. The organization says it aims to bring its staff to more than 150 over the next six years. Founder Scott Jones...

    • Purdue Startup Targets Airline Food Carts

      A Purdue University-affiliated student startup thinks its innovation will help airlines become more efficient. Operating out of the Purdue Railyard, FlykeART has developed what it calls a lighter and smarter galley cart for airlines, which co-founder Yuhan Roh says could save airlines millions of dollars in fuel costs. The slimmer cart design, according to Purdue, would also help make the carts less of an injury threat for travelers. On The INnovators with Dr. K, Roh said...

    • Gateway Park will lead into the downtown district.

      Plans For New Muncie Facility Halted

      Plans for a $75 million project at the former BorgWarner site in Muncie have come to a halt.  Nigel Morrison, director of Waelz Sustainable Products LLP says “a campaign of misinformation tainted the process and ultimately made it impossible for the city council to continue supporting the project.” The project was first announced in January and was slated to create up to 90 new jobs. The announcement follows the opposition of Muncie residents who...

    • Northern Indiana Telemarketer Sentenced in Scheme

      A Merrillville telemarketer has been sentenced to over five years in prison for his role in a $10 million scheme to defraud mostly elderly victims in the United States. Carlin Woods, 35, pleaded guilty in 2017 to a count of conspiracy to commit wire fraud, one count of wire fraud and another conspiracy count to commit money laundering.