Alternative asset manager the Carlyle Group (Nasdaq: CG) has taken over AxleTech International, a parts manufacturer for specialty vehicles, for the second time.
Headquartered in Troy, Michigan, AxleTech is an engineer of axles, braking products, driveline components and suspension products for commercial trucks, military cars and off-highway transportation systems used in construction, forestry, mining and agriculture. The company was sold by General Dynamics (NYSE: GD). The Charlotte, North Carolina-based manufacturer has owned AxleTech since 2008 when Carlyle agreed to put it up for auction. Since then, AxleTech has grown to employ more than 1,000 workers. Its manufacturing facilities are located in three U.S. cities, including Detroit, Chicago and Oshkosh, Wisconsin. AxleTech has also set up shop abroad in St. Etienne, France and Osasco, Brazil.