DETROIT, June 19, 2018 /PRNewswire/ -- American Axle
& Manufacturing (NYSE: AXL) has been recognized by the annual
Fortune 500 list as one of the largest corporations in
the United States. With 2017
revenue of $6.3 billion, AAM ranks
449 on the prestigious list.
"AAM achieved record sales and profitability and increased scale
and business diversification during 2017," said David C. Dauch, AAM Chairman and Chief Executive
Officer. "We are proud to be named to the Fortune 500
list for the year."
The Fortune 500 ranks the largest corporations by total
revenues. According to Fortune, this year marks the
64th running of the list. In
total, Fortune 500 companies represent two-thirds
of the U.S. GDP with $12.8 trillion
in revenues, $1.0 trillion in
profits, $21.6 trillion in market
value, and employ 28.2 million people worldwide.
AAM recently increased its 2018 full-year financial outlook. AAM
is targeting sales of approximately $7.1 to $7.2
billion for 2018. This sales projection is based on the
anticipated launch schedule of programs in AAM's new and
incremental business backlog and the assumption that the U.S.
Seasonally Adjusted Annual Rates of Sales (SAAR) will be in the
range of 16.8 million to 17 million light vehicle units in
2018.
About AAM
AAM (NYSE: AXL) is a premier, global leader in design,
engineering, validation and manufacturing of driveline, metal
forming, powertrain, and casting technologies for automotive,
commercial and industrial markets. Headquartered in Detroit, AAM has over 25,000 associates
operating at more than 90 facilities in 17 countries to support our
customers on global and regional platforms with a focus on quality,
operational excellence and technology leadership. To learn
more, visit www.aam.com.
Forward-Looking Statements
In this press release, we make statements concerning our
expectations, beliefs, plans, objectives, goals, strategies, and
future events or performance. Such statements are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and relate to trends and events that may affect
our future financial position and operating results. The terms such
as "will," "may," "could," "would," "plan," "believe," "expect,"
"anticipate," "intend," "project," "target," and similar words or
expressions, as well as statements in future tense, are intended to
identify forward-looking statements. Forward-looking statements
should not be read as a guarantee of future performance or results,
and will not necessarily be accurate indications of the times at,
or by, which such performance or results will be achieved.
Forward-looking statements are based on information available at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events and are
subject to risks and may differ materially from those expressed in
or suggested by the forward-looking statements. Important factors
that could cause such differences include, but are not limited to:
reduced purchases of our products by General Motors Company (GM),
FCA US LLC (FCA), or other customers; reduced demand for our
customers' products (particularly light trucks, sport utility
vehicles (SUVs) and crossover vehicles produced by GM and FCA); our
ability to respond to changes in technology, increased competition
or pricing pressures; our ability to develop and produce new
products that reflect market demand; lower-than-anticipated market
acceptance of new or existing products; our ability to attract new
customers and programs for new products; risks inherent in our
global operations (including adverse changes in trade agreements,
such as NAFTA, tariffs, immigration policies, political stability,
taxes and other law changes, potential disruptions of production
and supply, and currency rate fluctuations); a significant
disruption in operations at one or more of our key manufacturing
facilities; global economic conditions; our ability to successfully
integrate the business and information systems of Metaldyne
Performance Group, Inc. (MPG) and to realize the anticipated
benefits of the merger; risks related to disruptions to ongoing
business operations as a result of the merger with MPG, including
disruptions to management time; risks related to a failure of our
information technology systems and networks, and risks associated
with current and emerging technology threats and damage from
computer viruses, unauthorized access, cyber attack and other
similar disruptions; negative or unexpected tax consequences;
liabilities arising from warranty claims, product recall or field
actions, product liability and legal proceedings to which we are or
may become a party, or the impact of product recall or field
actions on our customers; our ability to achieve the level of cost
reductions required to sustain global cost competitiveness; supply
shortages or price increases in raw materials, utilities or other
operating supplies for us or our customers as a result of natural
disasters or otherwise; our ability or our customers' and
suppliers' ability to successfully launch new product programs on a
timely basis; our ability to realize the expected revenues from our
new and incremental business backlog; our ability to maintain
satisfactory labor relations and avoid work stoppages; our
suppliers', our customers' and their suppliers' ability to maintain
satisfactory labor relations and avoid work stoppages; price
volatility in, or reduced availability of, fuel; potential
liabilities or litigation relating to, or assumed in, the MPG
merger; potential adverse reactions or changes to business
relationships resulting from the completion of the merger with MPG;
our ability to protect our intellectual property and successfully
defend against assertions made against us; our ability to attract
and retain key associates; availability of financing for working
capital, capital expenditures, research and development (R&D)
or other general corporate purposes including acquisitions, as well
as our ability to comply with financial covenants; our customers'
and suppliers' availability of financing for working capital,
capital expenditures, R&D or other general corporate purposes;
changes in liabilities arising from pension and other
postretirement benefit obligations; risks of noncompliance with
environmental laws and regulations or risks of environmental issues
that could result in unforeseen costs at our facilities or
reputational damage; adverse changes in laws, government
regulations or market conditions affecting our products or our
customers' products; our ability or our customers' and suppliers'
ability to comply with regulatory requirements and the potential
costs of such compliance; and other unanticipated events and
conditions that may hinder our ability to compete. It is not
possible to foresee or identify all such factors and we make no
commitment to update any forward-looking statement or to disclose
any facts, events or circumstances after the date hereof that may
affect the accuracy of any forward-looking statement.
Contact:
Andrea Knapp
313-758-2730
andrea.knapp@aam.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/aam-recognized-by-the-fortune-500-list-300668521.html
SOURCE American Axle & Manufacturing Holdings, Inc.