Tomkins, a company jointly owned by Onex Corp. and the Canada Pension Plan Investment Board, has signed a deal to sell its Dexter Axle division to an affiliate of the Sterling Group for $360 million. Onex said the deal was expected to close in the fourth quarter. The Dexter Axle division manufactures trailer axle, brake and suspension assemblies and related replacement parts and components. Onex and the CPPIB acquired Tomkins in a $5-billion deal in September 2010. Each owns a 50 per cent interest in the company.
