Benzinga | Oct 21, 2021 12:11PM EDT

Allison Transmission Makes ~$42M Equity Investment In Jing-Jin Electric Technologies

* Allison Transmission Holdings Inc (NYSE:ALSN) has announced participation in the initial public offering of Jing-Jin Electric (JJE), an integrated electrified propulsion systems manufacturer.

* Allison will make a strategic investment of ?264 million (about $42 million) as part of JJE's upcoming IPO at The Science and Technology Innovation (STAR) Board on the Shanghai Stock Exchange.

* Allison's investment in JJE follows the recently announced strategic partnership between the two companies and an earlier debt financing commitment that will directly support JJE's North America commercial electric product development.

* Price Action: ALSN shares closed higher by 1.08% at $35.41 on the last check Wednesday.