FALLS CHURCH, Va. (AP) -- Defense contractor General Dynamics Corp. announced Monday it has completed its acquisition of AxleTech International, a manufacturer and supplier of vehicle parts for military, commercial and construction markets.
The purchase of AxleTech from Carlyle Group, a private equity firm in Washington, D.C., was completed late last month, General Dynamics said. The deal was announced in November.
Terms of the deal were not disclosed. General Dynamics said the acquisition is expected to increase earnings per share immediately.
Troy, Mich.-based AxleTech manufactures axles, axle components, independent suspensions, brakes and aftermarket parts for military vehicles, commercial specialty trucks and off-highway machines used for construction, material handling, forestry, mining and agricultural markets.
The business is now part of the General Dynamics armaments and technical products business unit based in Charlotte, N.C.
AxleTech International employs about 1,000 workers worldwide and has manufacturing plants in Chicago; Detroit; Oshkosh, Wis.; St. Etienne, France; and Osasco, Brazil.
Shares of General Dynamics fell 35 cents to $59.41 in afternoon trading.
