While denying talk of a sale, American Axle said it was considering “strategic opportunities that serve the best interests of the company.”
“In the normal course of executing our strategic plan, we continuously monitor market conditions and evaluate industry developments, and regularly review strategic opportunities that serve the best interests of the company (including our customers and partners) and its shareholders,” the company said. .
Bloomberg in May reported that the company has hired a consultant to explore a potential sale. At the time, American Axle also said it was not considering a sale.
Following a new report on Thursday, shares of American Axle rose 23 percent, its biggest intraday gain in more than two years. They rose 18.5 percent to $10.80, giving the company a market value of about $1.28 billion.
“AAM does not intend to make further comments or respond to any inquiries until it determines that further disclosure is appropriate or necessary,” the company said.
American Axle is ranked 43rd Automotive news list of the world’s 100 largest suppliers, with global sales to automakers of $5.2 billion in 2021. GM is the company’s largest customer, generating about 37 percent of American Axle’s business in 2021, according to the supplier’s annual report.
https://www.autonews.com/manufacturing/gm-supplier-american-axle-says-it-not-sale
