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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: regli who wrote (57570)	10/4/2006 2:46:28 PM
From: mishedlo	Read Replies (2) of 116555

American Axle offers buyouts, withdraws outlook American Axle & Manufacturing Holdings Inc. (NYSE:AXL - news) on Wednesday said it would offer buyouts or early retirement to 6,000 U.S. United Auto Workers members because of the struggles of North American automaker customers, sending shares up more than 5 percent. American Axle, whose largest customer is General Motors Corp. (NYSE:GM - news), also withdrew its 2006 earnings outlook and said it expects additional restructuring in 2006 and beyond to match production capacity and costs to weaker demand. American Axle, which makes axles, driveshafts and other components, expects to take special charges of as much as $150 million to $250 million for the 2006 job reduction program and other restructuring that will include cutting its salaried work force and the redeployment of machinery and equipment. "The unprecedented yet necessary structural transformation of the domestic automotive industry is continuing at a rapid pace," Chief Executive Richard Dauch said. news.yahoo.com

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