American Axle Completes Metaldyne Acquisition

American Axle & Manufacturing Holdings Inc. has finalized its $3.3 billion purchase of Southfield, Mich.-based Metaldyne Performance Group Inc. from New York City-based American Securities LLC. The merger was announced in November.

AAM, which is headquartered in Detroit, makes drivelines for cars and trucks. MPG makes engineered components for powertrains and suspensions.

Combining the companies will result in an entity with nearly $7 billion in sales and $1.2 billion in gross earnings, according to AAM. It estimates the merger will result in annual cost savings between $100 million and $200 million.

Metaldyne filed for Chapter 11 bankruptcy protection in May 2009. The company was rescued in 2010 by a creditor group led by Carlyle Group and Solus Alternative Asset Management. American Securities acquired the company for $820 million in 2012.