AAM announces $1.44 billion acquisition of GKN, boosting its position among automotive suppliers

AAM, an American automobile axle and metal forming manufacturer, announced that it will acquire GKN, the world's number one automobile drive shaft and powder metallurgy manufacturer, for $1.44 billion in cash and the transfer of some equity. GKN was founded in 1759 and is a world-renowned manufacturer of automobile transmission systems, aviation components and powder metallurgy. The transaction is expected to be completed by the end of this year.