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.