Allison Transmission Holdings officially announced the purchase of Lewisburg-based Walker Die Casting on Monday morning.

The publicly traded, Indianapolis-based Allison acquired Walker Die and an associated company for approximately $103 million, according to a release issued by the company.

Founded in 1915, Allison is the world’s leading manufacturer of automatic transmissions for medium and heavy-duty uses and has sourced cast parts from Walker for 20 years.

“It’s important for us to continue the Walker legacy,” said Allison President and CEO David S. Graziosi, noting the quality and complexity of the metalwork produced at the plant.

Graziosi and other members of Allison’s senior management were in Lewisburg Monday to meet Walker’s work force, starting with the third shift at 3:30 a.m.

“We wanted to get out in front of everyone to put faces to Allison,” said Graziosi.

He confirmed that the plant would remain in Lewisburg and would keep the Walker Die Casting name.

“We’re focused on growing this company,” said Graziosi, as a supplier, not only to Allison, but other industries as well.

Lewisburg’s second largest employer with roughly 800 employees, Walker was founded in 1958 by Bobby Walker in the basement of a building on the square.

Allison also acquired C&R Tool and Engineering of Muscle Shoals, Ala., as part of the deal. That company, also owned by the Walker family, provides Walker, and other casting companies, with dies and tooling for their casting operations.

“We are excited about the future,” said Lewisburg Mayor Jim Bingham, “ especially the planned improvements and the keeping of the Walker Die Casting name.”

Allison’s stock price closed the day up almost four percent on the news.

Global sales for Allison topped $2.7 billion in 2018.

Allison was founded in Indianapolis in 1915 by James Allison, a racing enthusiast who helped build the Indianapolis Motor Speedway.

A General Motors subsidiary from 1929 until 2007, Allison was known for their aircraft engines which powered American fighters during WWII until focusing on transmissions after the war.

In 2007, the company was purchased by the Carlyle Group and went public in 2012.