TransAxle LLC just lately introduced plans to shut all its areas throughout the U.S. and lay off 209 staff.
Headquartered in Cinnaminson, New Jersey, TransAxle at one level was one of many largest East Coast remanufacturers and distributors of transmissions, differentials, hydraulic pumps and different specialised parts for the medium- and heavy-duty truck markets.
Firm officers mentioned they’re getting ready to stop operations after failing to discover a purchaser, in accordance with Employee Adjustment and Retraining Notification (WARN) Act notices filed in a number of states.
“TransAxle LLC has been engaged in efforts to promote the enterprise for a while,” the corporate mentioned. “Regardless of our efforts we now have not been capable of consummate a sale at the moment. In consequence, the corporate finds itself within the tough place of getting to conduct an orderly wind down of the enterprise.”
It’s unclear why TransAxle was in search of a purchaser. Firm officers didn’t return a request for remark from FreightWaves.
TransAxle will shut all 13 of its areas by the tip of August, together with operations in Connecticut, Georgia, Maryland, North Carolina, New Jersey, New York, Pennsylvania, Tennessee, Virginia and Maine.
Impacted job titles within the layoffs embrace drivers, store managers, mechanics, machinists, warehouse associates and group leads.
TransAxle was based in 1979 with a single location in Cinnaminson. The enterprise was acquired in 2006 by Graham Companions, a non-public fairness agency situated in Philadelphia.
By 2010, the corporate had grown to twenty-eight distribution facilities and 6 remanufacturing services.
TransAxle was acquired by Dallas-based non-public fairness agency Crossplane Capital in 2020.
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