DETROIT, Dec. 16, 2019 /PRNewswire/ -- American Axle &
Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) announced today
that it has closed the previously announced sale of its U.S. iron
casting operations ("Grede") to funds managed by Gamut Capital
Management. AAM received net cash proceeds of approximately
$141.2 million from the sale, which
are subject to customary post-closing adjustments, as well as a
$60.0 million deferred payment
obligation.
Forward-Looking Statements
This report may contain
forward-looking statements including, without limitation,
statements with respect to the transaction and the anticipated
consequences and benefits of the transaction and other information
relating to matters that are not historical facts. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by these statements. These risks and
uncertainties include the factors detailed from time to time in the
reports we file with the SEC, including those described under "Risk
Factors" in our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q. These forward-looking statements speak
only as of the date of this report. We expressly disclaim any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any
change in our expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based.
About AAM
AAM (NYSE: AXL) delivers POWER that
moves the world. As a leading global tier 1 automotive supplier,
AAM designs, engineers and manufactures driveline and metal forming
technologies that are making the next generation of vehicles
smarter, lighter, safer and more efficient. Headquartered in
Detroit, AAM has over 20,000
associates operating at nearly 80 facilities in 17 countries to
support our customers on global and regional platforms with a focus
on quality, operational excellence and technology leadership.
To learn more, visit aam.com.
For more information:
Investor Contact:
Jason P.
Parsons
Director, Investor Relations
(313) 758-2404
jason.parsons@aam.com
Media Contact:
Christopher M.
Son
Vice President, Marketing & Communications
(313) 758-4814
chris.son@aam.com
Or visit the AAM website at www.aam.com.
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SOURCE American Axle & Manufacturing Holdings, Inc.