General Motors Corp. announced the completion of the sale of Allison Transmission for $5.6 billion.
Consisting of both the commercial and military components of Allison, the deal includes seven manufacturing plants in Indianapolis and global sales and distribution networks. The production facility near White Marsh in Baltimore County will remain with GM.
GM produces both conventional and hybrid transmissions for pickups and sport utility vehicles at the facility.
Prior to the sale, Allisonhad an 80 percent market share of medium- and heavy-duty commercial transmissions, and an annual revenue of more than $2 billion.
With the money acquired from Washington-based Carlyle Group and the Toronto-based Onex Corp., GM is planning to use the cash from the sale to strengthen its liquidity and support investments in new products and technology, the Associated Press reported.
