Allison Completes Purchase of India Powertrain Maker
Indianapolis-based Allison Transmission (NYSE: ALSN) has completed the acquisition of India-based AVTEC Ltd.’s off-highway transmission and component machining businesses. The cash deal, which was first announced in September, is valued at $23 million.
AVTEC is one of the largest independent transmission and powertrain components maker for the automotive, off-highway, defense, and railway industries in India.
“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.
Allison says it will integrate AVTEC’s off-highway component machining operations into Allison’s existing manufacturing plant in Chennai, India, to continue producing housings for off-highway transmissions.