American Axle
American Axle & Manufacturing, Inc. (AAM), headquartered in Detroit, Michigan, is an American manufacturer of automobile driveline and drivetrain components and systems.
 | |
| Type | Public |
|---|---|
| NYSE: AXL S&P 600 Component | |
| Industry | Automotive industry |
| Founded | 1994 |
| Founders | Richard E. "Dick" Dauch and James W. McLernon |
| Headquarters | Detroit, Michigan , |
Area served | Worldwide |
| Products | passenger car, light truck, and commercial vehicle segments |
| Revenue |  $ 6.27 billion (FY 2017)
[1] |
| $ 223.4 million (FY 2011)[2] | |
| $ 337.1 million (FY 2017)[1] | |
| Total assets | $ 2.3 billion (FY 2011)[2] |
| Total equity | $ -419.6 million (FY 2011)[2] |
Number of employees | 25,000[3] (2017) |
| Subsidiaries | Albion Automotive, United Kingdom |
| Website | aam.com |
History
AAM was founded in 1994 when a private investor group, led by Richard E. "Dick" Dauch, James W. McLernon, Raymond Park and Morton E. Harris purchased the Final Drive and Forge Business Unit from GM's Saginaw Division. In 1999, AAM went public, and is traded as "AXL" on the New York Stock Exchange (NYSE). AAM has grown to supply various OEM manufacturers around the globe in the passenger car, light truck, and commercial vehicle segments.
AAM's World Headquarters building, erected in 2004, is located on the Detroit/Hamtramck border.
2008 strike
On February 26, 2008, approximately 4600 AAM employees went on what would be a three-month-long strike to protest a proposed wage and benefit cut by the company's management. The proposal would reduce production workers' hourly wage from $28 to $18 and cut skilled trade wages $5 per hour.[4] The strike cost General Motors $2.6 billion as the automaker lost the production of its Chevrolet Malibu sedan and other vehicles.[5]
Products
Key products include axles, drive shafts, front axle, universal joints and sealing and thermal-management products.
Demolition
After closing its factories in Detroit in 2012, American Axle and Manufacturing had started a demolition project. In late 2013, much of the old manufacturing facility had been demolished by bulldozers and cranes. Also, in February 2014, it was reported and confirmed that most of the Detroit/Hamtramck manufacturing site had been sold [6] to a California-based Industrial Realty Group, IRG LLC who specialize in the use of industrial buildings for other developments such as apartment complexes. In 2014, American Axle continued to own its headquarters and greenbelt property at the site. It planned to build an engineering facility in the sole building left standing from the original manufacturing complex.
UK subsidiary
Albion Automotive is a Glasgow-based subsidiary.[7] In 2002 the UK Court of Appeal ruled in the case of Albion Automotive Ltd w. Walker and others that a contractual term entitling employees to an enhanced redundancy payment could be implied into employees' contracts of employment based on the employer's custom and practice.[8]
References
- "American Axle & Manufacturing 2017 Annual Report, Form 10-K, Filing Date Jan 9, 2019" (PDF). secdatabase.com. Retrieved Jan 9, 2019.
- "American Axle & Manufacturing 2011 Annual Report, Form 10-K, Filing Date Feb 9, 2012" (PDF). secdatabase.com. Retrieved July 5, 2012.
- "American Axle & Manufacturing". Fortune. Retrieved 2018-12-30.
- "Joe's Union Review: American Axle strike". Joe's Union Review. 2008-03-02. Retrieved 2019-10-09.
- "GM To Slash Expenses, Raise Cash To Move Forward" Archived 2008-07-19 at the Wayback Machine. Auto Trends. Retrieved 18 July 2008.
- "American Axle sells Detroit manufacturing complex to Industrial Realty Group", The Detroit News. Burden Melissa. Retrieved 24 February 2014.
- Just Auto, UK: Albion secures axle contract with Renault Trucks, published 5 August 2002, accessed 8 November 2020
- Consilio, Enhanced Redundancy Payments, published 16 December 2002, archived version accessed 8 November 2020