DETROIT, April 6, 2017 /PRNewswire/ -- American Axle
& Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) announced
today that it has completed the acquisition of Metaldyne
Performance Group Inc. (MPG). The transaction was unanimously
approved by the boards of directors of both companies and recently
approved by stockholders of AAM and MPG.
"Today is a historic day where we combine the strengths of both
AAM and MPG into a premier, global Tier 1 automotive supplier with
broader capabilities across multiple product lines," said
David C. Dauch, AAM Chairman and
Chief Executive Officer. "This transformational acquisition will
allow us to maximize stakeholder value by creating a company with
greater size, scale and increased business diversification that
delivers efficient, powerful and innovative solutions for our
customers."
Governance and Leadership
As previously announced, David C.
Dauch will remain Chairman and Chief Executive Officer.
AAM's Board of Directors will be expanded to include three
designees of American Securities LLC – George Thanopoulos, MPG's Chief Executive
Officer prior to the acquisition, along with former MPG board
members Kevin Penn and Loren Easton.
Reporting to Mr. Dauch are the following executives:
- Michael K. Simonte,
President
- Timothy E. Bowes, Senior Vice
President – Strategy & Business Development
- Christopher J. May, Vice
President & Chief Financial Officer
- Terri M. Kemp, Vice President –
Human Resources
- David E. Barnes, Vice President
& General Counsel
Business Unit Leaders
AAM will operate four business units with the following
executives reporting to Mr. Simonte:
- Alberto L. Satine, President
Driveline Business Unit.
- Norman Willemse, President Metal
Forming Business Unit.
- Greg Deveson will join AAM on
April 17, 2017 as President
Powertrain Business Unit.
- Todd Heavin, President Casting
Business Unit.
MPG Shares to be delisted
Upon completion of the acquisition, MPG became a wholly-owned
subsidiary of AAM. As a result, MPG shares ceased trading on the
New York Stock Exchange prior to market open today and will be
delisted.
Company Description
AAM is a premier, global leader in design, engineering,
validation and manufacturing of driveline, metal forming,
powertrain and casting technologies for automotive, commercial and
industrial markets.
Headquartered in Detroit, AAM
has over 25,000 associates operating at more than 90 facilities in
17 countries to support our customers on global and regional
platforms with a focus on quality, operational excellence and
technology leadership. To learn more, visit www.aam.com.
Forward-Looking Statements
This release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, without limitation, statements with respect to the
anticipated consequences and benefits of the acquisition of MPG and
other information relating to matters that are not historical
facts. These forward-looking statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied by these
statements. These risks and uncertainties include the ability
to successfully operate and integrate MPG operations and realize
estimated synergies, and the other factors detailed in the
Registration Statement on Form S-4 (Registration No. 333-215161)
filed by AAM with the U.S. Securities and Exchange Commission with
respect to the acquisition and from time to time in the reports we
file with the SEC, including those described under "Risk Factors"
in our Annual Report on Form 10-K and our Quarterly Reports on Form
10-Q. These forward-looking statements speak only as of the
date of this communication. We expressly disclaim any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any
change in our expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based.
For more
information...
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Investor
Contact:
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Media
Contact:
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Jason P.
Parsons
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Christopher M.
Son
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Director, Investor
Relations
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Executive Director,
Marketing & Corporate
Communications
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(313)
758-2404
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(313)
758-4814
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jason.parsons@aam.com
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chris.son@aam.com
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aam-completes-acquisition-of-mpg-300435901.html
SOURCE American Axle & Manufacturing Holdings, Inc.;
Metaldyne Performance Group Inc.