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.
