FORT WAYNE, Ind. (Dec 23, 2008) — American Axle & Manufacturing (AAM), a Tier One supplier of automotive driveline and drivetrain systems to original equipment manufacturers (OEMs), announced today that it will add manufacturing operations here creating up to 96 new jobs by 2011 as new business grows.
AAM, headquartered in Detroit, Michigan, has finalized an asset swap agreement with FormTech, another Motor City-based auto supplier. Among other things, as part of the agreement AAM will acquire and upgrade the 50,000 square foot Fort Wayne facility it acquired from FormTech in exchange for AAM’s hub and spindle forge business. The investment will allow AAM to expand its presence in the passenger car and crossover markets.
The company, which is ranked among the top 60 in the Automotive News list of global suppliers to automotive manufacturers, will invest more than $10 million to form AccuGear, a wholly-owned subsidiary, which will manufacture net-shaped gear differentials for various OEM’s.
American Axle will retain and retrain the approximately 45 existing workers at the Fort Wayne facility and plans to begin hiring additional manufacturing associates in the first quarter of 2009 as production increases.
“Our work to build the best business environment in the country is allowing us to win new opportunities despite a stalled national economy, but we can't let up for a minute. We can never take a rest, we have to get on to the next success and the next," said Governor Mitch Daniels.
Originating around the turn of the 20th Century as a unit of General Motors, American Axle became an independent company in 1994 following founder Richard Dauch’s purchase of the unit from GM. Since that time, it has grown to become North America’s 12th largest supplier of auto parts with annual sales in excess of $3 billion.
“The news of American Axle’s expansion in Fort Wayne is very exciting and a sign of continued development for our business community,” stated Fort Wayne Mayor Tom Henry. “We look forward to the formation of AccuGear, the creation of 96 jobs and the planned reinvestment over the next three years.”
The Indiana Economic Development Corporation offered American Axle up to $800,000 in performance-based tax credits and up to $43,500 in training grants based on the company’s job creation plans. The City of Fort Wayne has committed to a performance-based grant of $75,000, and will consider property tax phase-in at the request of the Fort Wayne-Allen County Economic Development Alliance. WorkOne Northeast will be assisting the company by providing $79,900 in recruitment and assessment services, $150,000 in job-specific training reimbursement and $42,300 in computer training services.
Those interested in employment opportunities should contact WorkOne Northeast at 260.755.3555 x 228
About American Axle & Manufacturing
AAM is a world leader in the manufacture, engineering, design and validation of driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for trucks, sport utility vehicles, passenger cars and crossover utility vehicles. In addition to locations in the United States (Michigan, New York, Ohio and Indiana), AAM also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea, Thailand and the United Kingdom. For more information on American Axle & Manufacturing, visit http://www.aam.com/.