American Axle & Manufacturing Announces Joint Venture with JAC Group Subsidiary in China
11 Dicembre 2008 - 2:30PM
PR Newswire (US)
DETROIT, Dec. 11 /PRNewswire-FirstCall/ -- American Axle &
Manufacturing Holdings, Inc. (AAM), which is traded as AXL on the
NYSE, today announced that it has entered into an agreement,
through one of its subsidiaries, to form a joint venture with Hefei
Automobile Axle Co, Ltd., (HAAC), a subsidiary of the JAC Group
(Anhui Jianghuai Automobile Group Co, Ltd). The new company, Hefei
AAM Automotive Driveline & Chassis System Co., Ltd., will
manufacture and sell rear beam axles, front axles, power transfer
units (PTU), Rear Drive Modules (RDM) and suspension modules for
passenger cars, sport utility vehicles (SUVs) and multi-purpose
vehicles (MPVs) for the China market. Each party will own 50
percent of the joint venture. Subject to regulatory approval in
China, the joint venture is expected to commence operations in the
first quarter of 2009. The Hefei AAM manufacturing facility,
situated approximately 400 kilometers west of Shanghai, is located
in the state level economic development zone of Hefei, the capital
of Anhui Province, China. "The Hefei AAM joint venture is AAM's
second manufacturing operation in the fast-growing China market.
The new products to be manufactured in this facility, as well as
the new customers to be served by this joint venture, support our
long-term strategic goals of expanding and diversifying AAM's
product portfolio, customer base and global manufacturing and
sourcing footprint," said AAM Co-Founder, Chairman & CEO
Richard E. Dauch. "AAM is pleased to partner with the JAC Group in
this important business venture and we look forward to many years
of successful cooperation." The new joint venture will provide
systems and components for JAC Automotive, a premier Chinese
automotive OEM. The main products of JAC Automotive include a
recently launched new generation of passenger cars, SUVs, MPVs and
commercial vehicles. 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 trucks, sport utility vehicles, passenger
cars and crossover utility 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, Thailand and the United
Kingdom. Certain statements contained in this press release which
are not historical facts contain forward-looking information with
respect to the Company's plans, projections or future performance,
the occurrence of which involves risk and uncertainties that could
cause the company's actual results or plans to differ materially
from those expected by the company which include risk factors
described in the Company's filings with the Securities and Exchange
Commission. For more information... Renee B. Rogers Jamie M. Little
Manager, Corporate Communications Director, Investor Relations
& Media Relations (313) 758-4831 (313) 758-4882 Or visit the
AAM website at http://www.aam.com/ DATASOURCE: American Axle &
Manufacturing Holdings, Inc. CONTACT: Renee B. Rogers, Manager,
Corporate Communications & Media Relations, +1-313-758-4882, ,
or 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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