TORONTO, Ont. – Allison Transmission has announced its change of ownership signals a positive change for the company.
The company issued a release saying it plans significant business growth under its new owners, The Carlyle Group and Onex Corporation. Formerly, the manufacturer of fully-automatic transmissions was owned by General Motors. The transaction has now been completed.
“Under our new owners, Allison remains committed to the fulfillment of its brand promise of providing an unrivalled combination of quality, reliability, durability, vocational value and customer service,” said Larry Dewey, CEO, Allison Transmission.
The company said it is coming off a record year for global transmission sales in 2006, generating revenue of more than US$2.3 billion. The company plans to expand into new vocations under its new ownership group, said Dewey.
“Developing new and innovative products to meet the needs of our customers and to grow our business around the world will be tremendously enhanced by the support of our new owners and their commitment to the continued success of Allison,” Dewey said. “We’re excited about our future with The Carlyle Group and Onex Corporation, which includes plans for new products, market expansion and further global growth across the breadth of our business sectors.”
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