Allison Transmission Completes Acquisition of Dana Incorporated’s Off-Highway Drive & Motion Systems Business Unit, Creating a Leading Global Industrial Force
The combined company has become a global organization with a turnover of $5.5 billion, with operations in 29 countries.
The startup’s global presence positions it to meet the growing demand for advanced high-performance mobility and business solutions in infrastructure, energy, agriculture, construction and national security.
Allison Transmission Holdings, Inc. (NYSE: ALSN, “Allison”, the “Company”) announced that it has acquired the Off-Highway Drive & Motion Systems business of Dana Incorporated, a leading supplier of powertrain and propulsion systems, for approximately $2.7 billion. This combination of industry-leading products and advanced technologies will accelerate Allison’s growth and further strengthen the company’s position as a global provider of commercial mobility and business solutions that Improve the Way the World Works.
Allison Chairman, President and CEO David Graziosi said: “We are excited to join and team up with our new colleagues from Dana Incorporated’s Off-Highway Drive & Motion Systems business unit under the Allison umbrella. Together, we have a broader portfolio of high-quality, reliable products that expands our market reach, creating a global platform that will continue to deliver strong financial performance through both organic and inorganic growth. Our competent teams will empower our customers and their end users to better take advantage of the global megatrends shaping the modern industrial world.”
The combined company’s headquarters will be located in Indianapolis, Indiana, USA, and will be managed by David Graziosi. The company will operate under the Allison name and consist of two business units. Allison Transmission will be led by President and Business Unit Leader Fred Bohley, and Allison Off-Highway Drive & Motion Systems will be led by President and Business Unit Leader Craig Price. Both Bohley and Price will report to Graziosi, while Bohley will continue to maintain his role as Allison’s Chief Operating Officer. Business unit leadership will be positioned around the world to reflect the global nature of the business and the importance of local knowledge to customers and stakeholders. This shift will enable the company to offer more local sourcing, manufacturing and services to a broader customer base and to leverage a deeper pool of engineering and technology expertise.
Throughout the process, BofA Securities served as financial advisor and KPMG LLP served as transaction advisor. Latham & Watkins LLP provided legal consultancy services. Barclays, BofA Securities, Citigroup and JPMorgan provided committed financing. Edelman served as Allison’s strategic communications advisor.
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