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American Axle looks to return to profit in 2009

DETROIT
Mon Sep 15, 2008 2:34pm EDT

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American Axle & Manufacturing Holdings Inc. Chairman and CEO Dick Dauch attends the Reuters Autos Summit in Detroit, Michigan September 15, 2008. REUTERS/Rebecca Cook

DETROIT (Reuters) - American Axle & Manufacturing Holdings Inc (AXL.N) has enough liquidity to restructure its business over the next year and a half and is looking to return to profitability in 2009, Chief Executive Dick Dauch said on Monday.

Dauch, speaking to the Reuters Auto Summit in Detroit, said more than half of its targeted 2,500 hourly and salaried workers left the company through buyouts and early retirements and the supplier is on track to release the rest before the year's-end.

General Motors Corp GM.N has already provided $15 million of its pledged $175 million support to help fund the buyouts, and will provide another $100 million before October and the third incremental cash at the end of March 2009, Dauch said.

(Reporting by Soyoung Kim; Editing by Phil Berlowitz)

(For summit blog: summitnotebook.reuters.com/)


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