Noi Mahoney
2 min read
TransAxle LLC recently announced plans to close all its locations across the U.S. and lay off 209 workers.
Headquartered in Cinnaminson, New Jersey, TransAxle at one point was one of the largest East Coast remanufacturers and distributors of transmissions, differentials, hydraulic pumps and other specialized components for the medium- and heavy-duty truck markets.
Company officials said they are preparing to cease operations after failing to find a buyer, according to Worker Adjustment and Retraining Notification (WARN) Act notices filed in several states.
“TransAxle LLC has been engaged in efforts to sell the business for some time,” the company said. “Despite our efforts we have not been able to consummate a sale at this time. As a result, the company finds itself in the difficult position of having to conduct an orderly wind down of the business.”
It’s unclear why TransAxle was seeking a buyer. Company officials did not return a request for comment from FreightWaves.
TransAxle will close all 13 of its locations by the end of August, including operations in Connecticut, Georgia, Maryland, North Carolina, New Jersey, New York, Pennsylvania, Tennessee, Virginia and Maine.
Impacted job titles in the layoffs include drivers, shop managers, mechanics, machinists, warehouse associates and team leads.
TransAxle was founded in 1979 with a single location in Cinnaminson. The business was acquired in 2006 by Graham Partners, a private equity firm located in Philadelphia.
By 2010, the company had grown to 28 distribution centers and six remanufacturing facilities.
TransAxle was acquired by Dallas-based private equity firm Crossplane Capital in 2020.
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