DETROIT (Reuters) - American Axle & Manufacturing Holdings Inc (AXL.N: Quote, Profile, Research, Stock Buzz) has enough liquidity to restructure its business over the next year and a half and is looking to return to profitability in 2009, Chief Executive Dick Dauch said on Monday.
Dauch, speaking to the Reuters Auto Summit in Detroit, said more than half of its targeted 2,500 hourly and salaried workers left the company through buyouts and early retirements and the supplier is on track to release the rest before the year's-end.
General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) has already provided $15 million of its pledged $175 million support to help fund the buyouts, and will provide another $100 million before October and the third incremental cash at the end of March 2009, Dauch said.
(Reporting by Soyoung Kim; Editing by Phil Berlowitz)
(For summit blog: summitnotebook.reuters.com/)
© Thomson Reuters 2009. All rights reserved.
| Aerospace and Defense | Dec 15 - 17, 2008 | Aerospace/Defense |
| Investment Outlook | Dec 08 - 11, 2008 | Financial Services / Exchanges |
| Media | Dec 01 - 4, 2008 | Media/Tech/Telco |
| India Investment | Nov 24 - 26, 2008 | Country Summits |
| Health | Nov 17 - 20, 2008 | Health |
