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American Axle & Manufacturing
American Axle & Manufacturing Announces Asset Purchase Agreement with FormTech Industries
December 19th, 2008
American Axle & Manufacturing (AAM), which is traded as AXL on the NYSE, announced that it has executed an asset purchase agreement with FormTech Industries LLC ("FormTech"). As part of this agreement, AAM exchanged its hub and spindle forging business for FormTech's differential gear, hypoid pinion and ring gear forging businesses. In order to compensate for the difference in value between the assets and businesses exchanged by the parties, AAM made a cash payment to FormTech. The parties also exchanged certain direct and indirect inventories, fixed assets and tooling related to the exchanged businesses. Keywords: American Axle &...
Source: Health Business Week (2008-12-19)
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