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American Axle & Manufacturing Holdings Inc. last week announced a definitive agreement to sell its iron castings business to a New York private equity firm for $245 million.
Under the deal, funds managed by Gamut Capital Management will pay $185 million in cash and $60 million in deferred payment obligations for Grede, which consists of 10 plants, the Detroit-based auto supplier said Sept. 18 in a news release. American Axle will also retain its iron castings...