AxleTech International Returns to Carlyle Group
- January 17, 2015
Global alternative asset manager The Carlyle Group has acquired AxleTech International, a global engineering and manufacturing company for off-highway and specialty vehicle drivetrain systems and components in Troy, Michigan, from General Dynamics Corporation.
Carlyle previously owned the business from 2005 to 2008.
Mary Petrovich, CEO of AxleTech from 2002-2011, will rejoin the firm as Executive Chairman. Joe Mejaly, who joined the business in May 2014 as General Manager, will become CEO under Carlyle's ownership, the company has announced.
Carlyle Managing Director Adam Glucksman said, "In partnership with Mary and Joe we will help AxleTech grow its market share through a relentless commitment to innovation, quality and service."
Mary Petrovich said, "AxleTech has a rich 100-year history that offers its customers a broad portfolio of products, extensive market expertise and talented employees. I am eager to work with Joe, who brings a wealth of experience in off- and on-highway products, with strong skills in the aftermarket. Joe will drive the business to ensure satisfied customers with a singular perspective committed to its unique markets and capabilities."
Joe Mejaly commented: "AxleTech's management team and workforce is focused aggressively on being faster to market with the right components and systems, and prioritizing improved interactions with all customers, both current and potential."
AxleTech International, based in Troy, Michigan, is a supplier of off-highway and specialty vehicle drivetrain systems and components to original equipment manufacturers and the aftermarket for commercial and defense customers around the world. AxleTech has nine vocational markets: agricultural, aircraft ground support, construction, forestry, material handling, defense, mining, specialty truck and transit.