American Axle & Manufacturing Expands Stock Repurchase Program by 3.0 Million Shares
12 Agosto 2004 - 11:45PM
PR Newswire (US)
American Axle & Manufacturing Expands Stock Repurchase Program
by 3.0 Million Shares DETROIT, Aug. 12 /PRNewswire-FirstCall/ --
American Axle & Manufacturing Holdings, Inc. (AAM), which is
traded as AXL on the NYSE, today announced that its Board of
Directors approved an expansion of AAM's stock repurchase program
by 3.0 million shares. The expansion, coupled with the 2.5 million
shares already purchased since the program was established in
February 2004, brings the aggregate program total to 5.5 million
shares. Under the program, purchases can be made in the open market
or in privately negotiated transactions from time to time over the
next two years. "The repurchase of 2.5 million shares under our
initial authorization successfully completes the comprehensive
refinancing plan we pursued upon achieving investment grade status.
Now we will commence our long-term plan of combining a sustainable
dividend payout and an opportunistic share repurchase program to
enhance shareholder returns and manage our capital structure," said
AAM Co-Founder, Chairman of the Board & Chief Executive Officer
Richard E. Dauch. AAM is a world leader in the manufacture,
engineering, design and validation of driveline systems and related
components and modules, chassis systems and metal-formed products
for light trucks, sport utility vehicles and passenger cars. In
addition to its 14 locations in the United States (in Michigan, New
York and Ohio), AAM also has offices and facilities in Brazil,
England, Germany, India, Japan, Mexico and Scotland. Certain
statements contained in this press release are "forward-looking
statements" and relate to the Company's plans, projections 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, particularly light trucks and SUVs produced by
GM and DaimlerChrysler's heavy- duty Dodge Ram full-size pickup
trucks, or the Dodge Ram program; reduced purchases of our products
by GM, DaimlerChrysler 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
attract and retain key associates; 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; adverse changes in laws, government regulations or market
conditions affecting our products or our customers' products
(including the Corporate Average Fuel Economy regulations); 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 statements. For more information ... Carrie
L.P. Gray Christopher M. Son Director, Media Relations Director,
Investor Relations (313) 758-4880 (313) 758-4814 Or visit the AAM
website at http://www.aam.com/ DATASOURCE: American Axle &
Manufacturing Holdings, Inc. CONTACT: Carrie L.P. Gray, Director,
Media Relations, +1-313-758-4880, , or Christopher M. Son,
Director, Investor Relations, +1-313-758-4814, , both of American
Axle & Manufacturing Holdings, Inc. Web site:
http://www.aam.com/ Company News On-Call:
http://www.prnewswire.com/comp/033813.html
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