logo

Hot News show next Hot News


BRIEF: Axle Maker Cutting Staff
Saturday, August 16, 2008 12:55 PM
Symbols: AXL
enter symbol
enter search string

Bookmark This Article
(Source: Detroit Free Press)trackingBy Brent Snavely, Detroit Free Press

Aug. 16--American Axle & Manufacturing Inc. began laying off salaried employees at its U.S. plants and offices Friday in a move that the company said would eliminate fewer than 100 jobs.

The job cuts are part of American Axle's effort to reduce its salaried workforce by about 350 jobs through involuntary cuts, early retirement packages and attrition, according to company spokeswoman Renee Rogers.

Rogers declined to say how many employees would be cut but said it is fewer than 100. Most employees were to be informed Friday, Rogers said.

American Axle, an automotive supplier based in Detroit, is reeling from the impact of a three-month labor strike earlier this year and an industrywide slump in truck and SUV sales in the United States.

In July, American Axle said it lost $644.3 million or $12.49 per share during its second quarter, compared with a profit of $34.6 million or 66 cents per share during the same period last year.

The company is also cutting its hourly workforce. About 2,000 hourly workers have accepted retirement or buyout offers that were part of the recent labor agreement.

-----

To see more of the Detroit Free Press, or to subscribe to the newspaper, go to http://www.freep.com

Copyright (c) 2008, Detroit Free Press

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NYSE:AXL,




Subscribe to Email Alerts rss feed or RSS feeds rss feed for articles from more than 300 contributors and press releases, SEC filings and full text news from thousands of sources.
(0)
No Comments

Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia