American Axle’s turnaround driven by diversification
Nov 19, 2010 | 12:21 PM
| Corinna Petry
One Tier I North American automotive supplier—whose accountants warned in March 2009 that it was on the verge of folding—has emerged from the depths of despair so rapidly that the company is starting to feel the love from Wall Street.
American Axle & Manufacturing Inc. is driving toward $3 billion in annual sales behind a major joint venture with Sweden's Saab Automobile AB to make driveline systems, the early signing of a labor contract extension, and expansion in product line and global customer base.
The Detroit-based company, a major consumer of high-grade steel and aluminum bar, has developed a backlog of $850 million in new business from 2011 to 2013—a 20-percent increase from its $700-million backlog from 2010 to 2012.....
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