American Axle & Manufacturing |
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Official Site: aam.com
Wikipedia: American Axle Subsidiaries Colfor Manufacturing Page Sections History Article Index |
History
The following section is an excerpt from Wikipedia's American Axle page on 3 October 2017, text available via the Creative Commons Attribution-ShareAlike 3.0 Unported License.
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.
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. The strike cost General Motors $2.6 billion as the automaker lost the production of its Chevrolet Malibu sedan and other vehicles.