AxleTech International Expands Its Braking Systems Business with Acquisition of Truck Trailer Transit
March 28, 2008
Troy, Michigan - AxleTech International announced today that it has acquired Truck Trailer Transit (TTT), a global leader in braking systems based in Detroit, Michigan. The TTT acquisition broadens AxleTech's brake portfolio with twenty additional brake families spanning hydraulic disc, cam drum, and wedge drum product lines. Terms of the acquisition were not disclosed.
Mary Petrovich, CEO of AxleTech International, said, "AxleTech is already a market leader in planetary axles, independent suspensions, transfer cases, as well as wet and dry disc brakes. We now add drum brakes and hydraulic disc brakes to our product range. Given the integral importance of braking systems to our business, this acquisition will help us better serve AxleTech customers across all segments worldwide. The deal also fits perfectly with our strategy to grow AxleTech's Original Equipment (OE) and Aftermarket presence across the Commercial On-Highway and Bus/Transit markets."
Dave Lawrence, President of TTT, emphasized the synergies between the two businesses. "TTT is excited to join the AxleTech team. AxleTech and TTT share unparalleled reputations for delivering technical solutions that meet OE standards with the highest quality and customer service. We look forward to providing all of our customers with the distinct benefits that AxleTech can now offer with the addition of TTT products."
Bill Gryzenia, Vice President of Aftermarket Business Development said, "In 2007, AxleTech International celebrated its five-year anniversary by quadrupling its global Aftermarket business from 2002 levels. Given the competitive advantages of adding TTT to our family, we fully expect to expand our new Aftermarket presence to achieve another wave of growth."
About AxleTech International
AxleTech International is a global manufacturer and supplier of axles, axle components, planetary axles, independent suspensions, brakes and aftermarket parts for commercial specialty trucks, military vehicles and off-highway machines used in the construction, material handling, forestry, mining and agricultural markets. The company was created to enable a singular focus on the needs of off-highway and specialty vehicle customers by providing high quality products and unparalleled customer service. The Carlyle Group- owned company has its origins as the off-highway division of Rockwell (now ArvinMeritor). Visit www.axletech.com for additional information.
About The Carlyle Group
The Carlyle Group is a global private equity firm with $31 billion under management. Carlyle invests in buyouts, venture capital, real estate and leveraged finance in Asia, Europe and North America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, technology & business services and telecommunications & media. Since 1987, the firm has invested $14.3 billion of equity in 414 transactions for a total purchase price of $49.5 billion. The Carlyle Group employs more than 600 people in 14 countries. In the aggregate, Carlyle portfolio companies have more than $30 billion in revenue and employ more than 131,000 people around the world. Visit www.carlyle.com for additional information.
Contact: Deb Wesenberg