American Axle & Manufacturing Announces Results of Buffalo Separation Agreement
17 Gennaio 2008 - 2:00PM
PR Newswire (US)
DETROIT, Jan. 17 /PRNewswire-FirstCall/ -- American Axle &
Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the
NYSE, today announced that 558 UAW represented associates agreed to
participate in AAM's Buffalo Separation Program (BSP). The BSP is a
voluntary separation program that was offered to approximately 650
UAW represented associates at AAM's Buffalo Gear, Axle &
Linkage facility in Buffalo, New York. Production at this facility
was idled in December 2007. Under this voluntary separation
program, AAM offered a range of retirement incentives and buy-outs
to eligible associates beginning in September 2007. Associates who
retired as part of this program will retain all vested pension and
postretirement benefits. Associates who accepted a buy-out will
retain vested pension benefits, but forfeited other postretirement
benefits. On August 14, 2007, AAM estimated that it would incur
special charges of as much as $85 million for the BSP, including
pension and other postretirement benefit curtailments and special
termination benefits. AAM currently estimates that the total cost
of the BSP will approximate $56 million. AAM will be presenting at
the Auto Analyst of New York (AANY) Detroit Auto Show Conference on
Thursday, January 17, 2008 at 10:15 a.m. EST. AAM will webcast the
presentation through AAM's investor web site at
http://investor.aam.com/. The presentation will be made by AAM's
Co-Founder, Chairman & CEO Richard E. Dauch. AAM has also
scheduled a conference call to review its fourth quarter and full
year 2007 results on February 1, 2008 at 10:00 a.m. EST. Interested
participants may listen to the live conference call by logging onto
AAM's investor web site at http://investor.aam.com/ or calling
(877) 278-1452 from the United States or (706) 643-3736 from
outside the United States. AAM is a world leader in the
manufacture, engineering, design and validation of driveline and
drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport utility
vehicles, passenger cars, crossover utility vehicles and commercial
vehicles. In addition to locations in the United States (Michigan,
New York, Ohio and Indiana), AAM also has offices or facilities in
Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland,
South Korea and the United Kingdom. Certain statements contained in
this press release are "forward-looking statements" and relate to
the Company's plans, projections, strategies or future performance.
Such statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and are based
on our current expectations, are inherently uncertain, are subject
to risks and should be viewed with caution. Actual results and
experience may differ materially from the forward-looking
statements as a result of many factors, including but not limited
to: adverse changes in the economic conditions or political
stability of our principal markets (particularly North America,
Europe and South America); reduced demand of our customers'
products or volume reductions, particularly for light trucks and
SUVs produced by GM and Chrysler LLC's heavy-duty Dodge Ram
full-size pickup trucks, or the Dodge Ram program; work stoppages
at GM or Chrysler LLC or a key supplier to GM or Chrysler LLC; our
ability to achieve cost reductions through accelerated attrition
programs; reduced purchases of our products by GM, Chrysler LLC or
other customers; our ability and our customers' ability to
successfully launch new product programs; our ability to respond to
changes in technology or increased competition; supply shortages or
price fluctuations in raw materials, utilities or other operating
supplies; our ability to maintain satisfactory labor relations and
avoid work stoppages; risks of noncompliance with environmental
regulations or risks of environmental issues that could result in
unforeseen costs at our facilities; liabilities arising from legal
proceedings to which we are or may become a party or claims against
us or our products; availability of financing for working capital,
capital expenditures, research and development or other general
corporate purposes, including our ability to comply with financial
covenants; adverse changes in laws, government regulations or
market conditions affecting our products or our customers' products
(including the Corporate Average Fuel Economy regulations); our
ability to attract and retain key associates; and other
unanticipated events and conditions that may hinder our ability to
compete. For additional discussion, see "Item 1A. Risk Factors" in
our most recent annual report on Form 10-K and quarterly reports on
Form 10-Q. It is not possible to foresee or identify all such
factors and we assume no obligation to update any forward-looking
statements or to disclose any subsequent facts, events or
circumstances that may affect their accuracy. DATASOURCE: American
Axle & Manufacturing Holdings, Inc. CONTACT: Media: Renee B.
Rogers, Manager, Corporate Communications and Media Relations,
+1-313-758-4882, ; or Investors: Jamie M. Little, Director,
Investor Relations, +1-313-758-4831, Web site: http://www.aam.com/
Company News On-Call: http://www.prnewswire.com/comp/033813.html
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