GM Completes Sale of Allison Unit

General Motors Corp. on Tuesday closed the sale of its Allison Transmission commercial and military business to buyout firms Carlyle Group and Onex Corp., Bloomberg News reported.

The $5.6 billion deal was announced June 28.

Allison makes automatic transmissions for medium- and heavy-duty trucks, and its products are used in both on- and off-highway vehicles. It employs 3,400 people and has seven plants in its Indianapolis headquarters.

Allison generates more than $2 billion a year in revenue.

GM will keep a production facility in Baltimore that makes conventional and hybrid transmissions used pick-up trucks and SUVs.