Indianapolis-based Allison Transmission Holdings Inc. has acquired Lewisburg, Tennessee-based Walker Die Casting Inc. and Muscle Shoals, Alabama-based C&R Tool and Engineering Inc. for a combined $103 million in cash, Allison announced Monday.
Walker Die Casting, which has been an Allison supplier for 20 years, is a family-owned business that makes aluminum die castings. The company has 850 employees.
“Walker’s products are a critical component in the manufacture and quality of our on-highway transmissions,” Allison Transmission President and CEO David S. Graziosi said in a written statement. “We plan to grow the business and continue the heritage established by (founder) Robert Walker in 1958.”
The Walker family had been seeking to sell the business, which gave Allison the opportunity to acquire it.
“While it is always hard to let go of the business you built, we are proud that it will remain in good hands with Allison Transmission,” Walker Die Casting President John Walker, the founder’s son, said in written comments.
C&R Tool and Engineering, founded in 1956, makes metal-working tools for use at Walker and other companies.
Allison, which makes medium- and heavy-duty automatic transmissions, said it plans to continue to operate the Walker and C&R plants in their respective locations as Allison Transmission plants.
The acquisitions should not have a material impact on Allison’s current fiscal year earnings, the company said.