INDIANAPOLIS - Indianapolis-based Allison Transmission Holdings Inc. (NYSE: ALSN) is adding to its portfolio. The manufacturer has acquired London-based Vantage Power, as well as the electric vehicle systems division of AxleTech in Michigan. The acquisitions have a total cash value of $132 million. Allison says the deals align with the company's electrification strategy.

Vantage Power specializes in developing electrified propulsion and connected vehicle technologies for medium-duty and heavy-duty vehicle manufacturers and their suppliers. The company has a particular focus on battery technology development, vehicle integration and control systems, and vehicle connectivity and telemetry.

AxleTech designs, engineers, manufactures, sells and services axles and integrated electrified axle solutions for on-highway and off-highway heavy-duty commercial vehicles, according to Allison. The EV systems division is located at the company's Michigan headquarters.

"Vantage Power’s entrepreneurial spirit and technological advancements complement our strategic priorities to meet and exceed our customers’ demands. AxleTech’s highly integrated solutions in the EV space and their presence in Allison’s end markets complement our position as a leading propulsion solutions provider," David Graziosi, chief executive officer of Allison Transmission, said in a news release. "Through this and other growth initiatives, we will continue to build upon our conventional and electric hybrid products today while differentiating ourselves in the electrification and fuel cell markets."

Allison acquired Vantage Power for approximately $9 million, though it may pay up to an additional $8 million over the next three years if certain conditions are met, according to a filing with the U.S. Securities and Exchange Commission. The company acquired the AxleTech division for $123 million.

Meantime, Allison Transmission is also reporting first quarter net income of $167 million, up from $151 million during the same period last year. The company is also reporting a 2 percent growth in net sales.

You can view the full first quarter earnings report by clicking here.