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American Axle & Manufacturing to sell US iron casting business to Gamut Capital

American Axle & Manufacturing Holdings agreed to sell its U.S. iron casting business Grede to funds managed by New York-based middle-market private equity firm Gamut Capital Management LP for $245 million.

The consideration will comprise $185 million in cash and a $60 million deferred payment obligation, subject to adjustments.

The deal is expected to be finalized during the fourth quarter.

American Axle expects to streamline its business, pay down debt and improve its margin profile as a result of the sale. It will keep its El Carmen, Mexico, iron casting operations.