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.
SOURCE American Axle & Manufacturing Holdings, Inc.
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Related links:
http://www.aam.com
http://www.prnewswire.com/comp/033813.html /
CONTACT:
Media: Renee B. Rogers, Manager, Corporate
Communications and Media Relations, +1-313-758-4882,
renee.rogers@aam.com; or Investors: Jamie M. Little, Director,
Investor Relations, +1-313-758-4831, jamie.little@aam.com
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