AM General CEO says new owner has manufacturing focus

The chief executive of AM General said today the company's new private-equity owner has a background in manufacturing and is ready to make needed investments.

Over the summer, private-equity firm KPS Capital Partners said it would acquire AM General from an affiliate of MacAndrews & Forbes. The terms of the deal were not disclosed.

Speaking at this week's virtual Association of the United States Army conference, AM General CEO Andy Hove said the company's new owner "invests exclusively in manufacturing companies."

"We have an owner now who understands our basic mission is manufacturing," he said. "We have a new owner who's interested in making the kinds of investments we think we need to make."