David S. Graziosi, President and CEO of Allison Transmission , said, â€œWe are pleased to announce the acquisition of Walker Die Casting and C&R Tools and Engineering. Walker products are the quality of the Allison Road Transmission in manufacturing. The key part, we will inherit the classics that Robert Walker founded in 1958 and develop its business."
Walker produces aluminum castings and has been an Allison supplier for over 20 years, providing the necessary castings for Allison's core road transmission products. The Walker family had sought business buyers, which made it possible for Allison to acquire its corporate assets. Allison promises to continue the fine traditions of this 60-year-old company. C&R Tools and Engineering is a leading supplier of metalworking tools to Walker and other companies.
Walker Die Casting and C&R Tools and Engineering will continue to operate at their respective sites as an Allison Transmission Plant. As the second largest employer in Lewisburg, Walker Die Casting has hundreds of employees.
â€œAlthough giving up on the established family business is a bit reluctant, it is worth noting that the companyâ€™s business will grow rapidly in the hands of Allison gearboxes,â€ said John Walker, president of Walker Die Casting and founder of the company.
Allison's purchase of Walker Die Casting and C&R Tools and Engineering's assets paid approximately $103 million in cash and it is expected that the acquisition will not have a significant impact on the current fiscal year's earnings.Reading volume: Source: Allison Transmission Author: Le Feng
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