Detroit, Michigan, July 31, 2015 --
American Axle & Manufacturing Holdings, Inc. (AAM), which is
traded as AXL on the NYSE, today announced that it has been
selected as target supplier to provide axles and driveshafts for
GM's next generation full size truck program under GM's Strategic
Sourcing Process (SSP).
A key objective of the SSP is to involve critical
suppliers earlier in the process of designing and developing future
vehicle programs. Pending final design direction and
completion of the sourcing process, AAM expects to retain
approximately 75% of the sales content provided to GM for the
current full size truck program.
AAM expects to provide approximately 75% of the
light-duty axles, 100% of the heavy-duty axles and 100% of the rear
steel driveshafts for GM's next generation full size truck
program. AAM does not expect to provide the aluminum
driveshafts, front auxiliary driveshafts and steering linkages for
GM's next generation full size truck program.
"With the strategic sourcing of multi-generations
of this program now clarified, AAM is pleased to reaffirm our
long-term partnership with GM," said AAM's Chairman, President
& Chief Executive Officer, David C. Dauch. "AAM's innovative
product, process and systems technology, as well as our
cost-competitive global manufacturing, engineering and sourcing
footprint, provides a compelling value proposition to all of our
customers, including GM."
"With the direction of a core program of AAM's
business now solidified for many years to come, we will continue to
focus on leveraging our long-term commitment to quality, technology
leadership and operational excellence to drive profitable growth
and business diversification."
AAM is a world leader in the manufacture,
engineering, design and validation of driveline and drivetrain
systems and related components and modules, chassis systems,
electric drive systems and metal-formed products for light trucks,
sport utility vehicles, passenger cars, crossover vehicles and
commercial vehicles. In addition to locations in the United
States (Michigan, Ohio, Pennsylvania and Indiana), AAM also has
offices or facilities in Brazil, China, Germany, India, Japan,
Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and
Thailand.
In this release, we make
statements concerning our expectations, beliefs, plans, objectives,
goals, strategies, and future events or performance. Such
statements are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and relate to
trends and events that may affect our future financial position and
operating results. The terms such as "will," "may," "could,"
"would," "plan," "believe," "expect," "anticipate," "intend,"
"project," "target," and similar words or expressions, as well as
statements in future tense, are intended to identify
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results, and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved. Forward-looking
statements are based on information available at the time those
statements are made and/or management's good faith belief as of
that time with respect to future events and are subject to risks
and may differ materially from those expressed in or suggested by
the forward-looking statements. Important factors that could cause
such differences include, but are not limited to: reduced purchases
of our products by General Motors Company (GM), FCA US LLC (FCA),
formerly known as Chrysler Group LLC, or other customers; reduced
demand for our customers' products (particularly light trucks and
sport utility vehicles (SUVs) produced by GM and FCA); our ability
to develop and produce new products that reflect market demand;
lower-than-anticipated market acceptance of new or existing
products; our ability to attract new customers and programs for new
products; our ability to respond to changes in technology,
increased competition or pricing pressures; our ability to achieve
the level of cost reductions required to sustain global cost
competitiveness; supply shortages or price increases in raw
materials, utilities or other operating supplies for us or our
customers as a result of natural disasters or otherwise; our
ability to successfully implement upgrades to our enterprise
resource planning systems; liabilities arising from warranty
claims, product recall or field actions, product liability and
legal proceedings to which we are or may become a party, or the
impact of product recall or field actions on our customers; our
ability to maintain satisfactory labor relations and avoid work
stoppages; our suppliers', our customers' and their suppliers'
ability to maintain satisfactory labor relations and avoid work
stoppages; global economic conditions; risks inherent in our
international operations (including adverse changes in political
stability, taxes and other law changes, potential disruptions of
production and supply, and currency rate fluctuations); our ability
or our customers' and suppliers' ability to successfully launch new
product programs on a timely basis; our ability to realize the
expected revenues from our new and incremental business backlog;
negative or unexpected tax consequences; price volatility in, or
reduced availability of, fuel; our ability to consummate and
integrate acquisitions and joint ventures; our ability to attract
and retain key associates; our ability to protect our intellectual
property and successfully defend against assertions made against
us; availability of financing for working capital, capital
expenditures, research and development (R&D) or other general
corporate purposes including acquisitions, as well as our ability
to comply with financial covenants; our customers' and suppliers'
availability of financing for working capital, capital
expenditures, R&D or other general corporate purposes; changes
in liabilities arising from pension and other postretirement
benefit obligations; risks of noncompliance with environmental laws
and regulations or risks of environmental issues that could result
in unforeseen costs at our facilities; adverse changes in laws,
government regulations or market conditions affecting our products
or our customers' products (such as the Corporate Average Fuel
Economy (CAFE) regulations); our ability or our customers' and
suppliers' ability to comply with the Dodd-Frank Act and other
regulatory requirements and the potential costs of such compliance;
and other unanticipated events and conditions that may hinder our
ability to compete. It is not possible to foresee or identify
all such factors and we make no commitment to update any
forward-looking statement or to disclose any facts, events or
circumstances after the date hereof that may affect the accuracy of
any forward-looking statement.
# # #
For more information...
Christopher M.
Son
Director, Investor
Relations,
Corporate Communications &
Marketing
(313)
758-4814
chris.son@aam.com
Vitalie Stelea
Manager Investor
Relations
(313)
758-4635
vitalie.stelea@aam.com
Or visit the AAM website at www.aam.com.
AAM Next Gen FS News
Release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: American Axle & Manufacturing Holdings, Inc via
Globenewswire
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