Meritor Inc. has completed its acquisition of AxleTech from global investment firm The Carlyle Group. The previously announced transaction for approximately $175 million in cash will add complementary products, such as independent suspensions, axles, braking solutions and drivetrain components, to the Troy, Michigan, company.

AxleTech will operate within Meritor’s aftermarket, industrial & trailer segment. Meritor expects to realize more than $15 million in annual cost synergies by fiscal year 2022, through operating, productivity and manufacturing efficiencies.

“The addition of AxleTech advances our growth strategy while further diversifying our portfolio in strategic, adjacent markets,” Meritor CEO and President Jay Craig said, in a statement. “We are delighted to welcome AxleTech to the Meritor team with a shared focus on driving superior performance, efficiency and reliability for our global customers with a wider array of products and solutions.”