UAW details terms of American Axle contract deal

DETROIT (Reuters) - American Axle & Manufacturing Holdings Inc (AXL.N: Quote, Profile, Research, Stock Buzz) would cut hourly pay for unionized factory workers to a range of $10 to $26 and offer payments of up to $105,000 for those who stay on at the lower wages, according to a summary of the contract by the United Auto Workers.

The contract summary was distributed on Sunday at a meeting of several thousand UAW-represented American Axle workers in Detroit ahead of a ratification vote on the proposed cost-cutting, four-year contract that would end a nearly 3-month-old strike.

At the lowest wage, "factory support" workers at Axle's Three Rivers, Michigan, plant would make $10 per hour. Truck drivers at that plant would make $12 per hour. New hires under the contract would start at $11.50 for production workers and $22 for skilled workers, according to the UAW document.

American Axle, a major axle supplier to General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), would provide buyouts of up to $140,000 for existing workers who leave the payroll.

(Reporting by Kevin Krolicki and Soyoung Kim,, editing by Maureen Bavdek)