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American Axle to buy Metaldyne for $1.6B

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American Axle & Manufacturing Holdings Inc. announced today it signed a deal to buy fellow vehicle components maker Metaldyne Performance Group Inc.

The cash-and-stock deal is valued at $1.6 billion.

"MPG's expertise in complex, highly engineered powertrain components and its global footprint will be tremendous assets to AAM," said American Axle CEO David Dauch.

Read more from MarketWatch Pulse.

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