Shearman & Sterling advised American Axle & Manufacturing (AAM) on the acquisition of the German business of MITEC Automotive AG (MITEC). The transaction is subject to the approval of the authorities and closing is expected at the beginning of December 2019.
MITEC, headquartered in Eisenach, Germany, specializes in the development and production of engine and transmission components and is one of the world's leading companies operating in the field of automobile propulsion technology. Their main focus is on the reduction of noise emissions and vibrations, as well as enhancing efficiency within the powertrain.
AAM, headquartered in Detroit, is a leading global tier 1 automotive supplier that designs, engineers and manufactures driveline, metal forming and casting technologies that are making the next generation of vehicles smarter, lighter, safer and more efficient. AAM has over 25,000 associates operating at nearly 90 facilities in 17 countries.