Allison Transmission Holdings Inc. (NYSE: ALSN), the largest global manufacturer of medium- and heavy-duty fully automatic transmissions, announced today that it has acquired the assets and certain liabilities of Walker Die Casting located in Lewisburg, Tennessee and C&R Tool and Engineering located in Muscle Shoals, Alabama.
“We are delighted to announce the acquisitions of Walker Die Casting and C&R Tool and Engineering,” said Allison Transmission President and CEO David S. Graziosi. “Walker’s products are a critical component in the manufacture and quality of our on-highway transmissions. We plan to grow the business and continue the heritage established by Robert Walker in 1958.”
Walker produces aluminum castings and has been a supplier to Allison for 20 years. The Walker family sought a buyer for the business, allowing Allison to purchase the assets of the company that supplies essential components for its core on-highway transmission products. Allison is committed to continuing the 60-year-old company’s legacy. C&R Tool and Engineering is a leading supplier of metal working tools for use at Walker and other companies.
Walker Die Casting and C&R Tool and Engineering will be run as Allison Transmission plants and continue to operate in their respective locations. Walker Die Casting is the second-largest employer in Lewisburg, employing several hundred people.
“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,” said John Walker, Walker Die Casting President and son of the founder.
Allison paid approximately $103 million in cash for the Walker Die Casting and C&R Tool and Engineering assets. Allison does not expect the acquisitions to have a material impact on current fiscal year earnings.