Indianapolis-based Allison Transmission Holdings, in two separate deals announced Tuesday, has acquired the electric vehicle systems division of Troy, Mich.-based AxleTech International and London-based Vantage Power Ltd. for a combined $132 million dollars.
This story originally appeared in the Indiana Business Journal.
In a transaction that closed April 16, Allison paid $123 million to acquire the assets of AxleTech’s electric vehicle systems division, which makes electric axles for medium- and heavy-duty trucks and buses. AxleTech’s systems can be used in battery electric, fuel-cell electric and electric hybrid vehicles.
AxleTech has nearly 800 employees in Michigan, Chicago, Wisconsin, France, Brazil, India and China.
Allison also paid $9 million to acquire 100 percent of the stock of Vantage Power in a deal that closed April 12. Allison could pay an additional amount of up to $8 million over the next three years if certain conditions are met.
Vantage, established in 2011, makes hybrid and electric propulsion systems, battery systems, powertrain control systems and telemetry data systems for heavy-duty vehicles.
The acquisitions are expected to help accelerate Allison’s electrification efforts, broaden its product portfolio and expand its engineering expertise, the company said.
Allison, which makes automatic transmissions for a range of commercial vehicles, is currently developing multiple electrified products, including extended-range electric hybrid propulsion and battery-management systems and integrated e-axles. Its products are used in a range of commercial vehicles, including school buses, dump trucks and military vehicles.