American Axle posts $644.3M loss on lost production from strike; 2,000 US workers take buyouts

American Axle & Manufacturing Holdings Inc. said Friday it posted a $644.3 million second-quarter loss, blaming a nearly three-month long strike that crippled production as well as charges related to a new labor agreement. The Detroit-based auto supplier also detailed a restructuring plan designed to return it to profitability next year by eliminating more than half its U.S. hourly work force and 70 percent of its domestic capacity. Company officials said the moves, which also include expanding overseas plants and production, will save an estimated $350 million a year and realign the company's capacity with expectations of lower North American light truck production. Chairman and Chief Executive Richard E. Dauch confirmed that more than 2,000 hourly employees — well over half of the company's 3,650 U.S. hourly workers — are... [read full story]