American Axle Co. to Add 200 Jobs to Three Rivers Plant

Autoparts Report, March 20, 2002

American Axle & Manufacturing Inc. (AMM) said it will shift some operations from outside the United States to its plant in Three Rivers, Mich., creating about 200 new jobs. The hiring has already started and will continue through the first quarter of 2003, the company said.

The Three Rivers Commercial News reported that American Axle expects more business because of a significant increase in projected light- truck production by General Motors Corp., the company's biggest customer.

AMM employs about 12,000 people in the United States, Mexico, Brazil and the United Kingdom. The company produces driveline systems and chassis for cars, buses, trucks and sport utility vehicles.

AMM said that it expects results for its first and second quarters along with the full year 2002 to be in excess of the current consensus estimates due to significant increases in projected light truck builds at GM.

The company expects first quarter 2002 earnings to be approximately 20 percent higher than the current consensus estimates of 61 cents per share. This reflects in excess of 40 percent earnings growth over the first quarter of 2001.

AAM expects its second quarter 2002 earnings to be approximately 15 percent higher than the current consensus estimates of 72 cents per share. This reflects earnings growth of approximately 15 percent versus the second quarter of 2001. The company further expects that full year 2002 earnings will be approximately 20 percent higher than the $2.36 per share earned in the full year 2001.