DETROIT, March 25, 2020 /PRNewswire/ -- American Axle
& Manufacturing Holdings, Inc. (AAM) (NYSE: AXL) today
announced that, as a result of the unexpected disruption in light
vehicle production and economic uncertainty due to the impact of
the COVID-19 pandemic, AAM is withdrawing its 2020 financial
outlook.
"During this unprecedented time for AAM, the automotive industry
and the world, our focus continues to be the health and well-being
of our associates, their families and our communities," said AAM's
Chairman and Chief Executive Officer, David
C. Dauch. "In addition, we have implemented
significant measures to adjust our operations to our customers'
revised production schedules, which include flexing our variable
cost structure and intensely managing our controllable
expenses."
As of March 25th, AAM
had more than $600 million of cash on
hand, which includes a recent drawdown on its revolving credit
facility of $200 million. In
addition, taking this recent drawdown into consideration, AAM
currently has approximately $700
million available on our committed revolving credit facility
and approximately $90 million in
available foreign credit facilities. There are no significant
debt maturities before October
2022.
Forward-Looking Statements
This report may contain
forward-looking statements 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
uncertainty around the duration and effects of the COVID-19
pandemic, and 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.