General Motors Corp. on Tuesday closed the sale of its Allison Transmission commercial and military business to buyout firms Carlyle Group and Onex Corp., Bloomberg News reported.
The $5.6 billion deal was announced June 28.
Allison makes automatic transmissions for medium- and heavy-duty trucks, and its products are used in both on- and off-highway vehicles. It employs 3,400 people and has seven plants in its Indianapolis headquarters.
Allison generates more than $2 billion a year in revenue.
GM will keep a production facility in Baltimore that makes conventional and hybrid transmissions used pick-up trucks and SUVs.
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