Detroit-based American Axle & Manufacturing Holdings Inc., a Tier 1 supplier of drivetrain components, says it’s not up sale after Bloomberg reported Thursday it had potential buyers.
Bloomberg, citing anonymous sources, reported that American Axle has received “preliminary interest” from London-based Melrose Industries Plc. Additionally, the news service reported American Axle was also in talks with suppliers Auburn Hills-based BorgWarner Inc. and Maumee, Ohio-based Dana Inc. “to gauge their interest in potential tie-ups or asset deals.”
Detroit-based American Axle & Manufacturing Holdings Inc., a Tier 1 supplier of drivetrain components, says it’s not up sale after Bloomberg reported Thursday it had potential buyers.
Bloomberg, citing anonymous sources, reported that American Axle has received “preliminary interest” from London-based Melrose Industries Plc. Additionally, the news service reported American Axle was also in talks with suppliers Auburn Hills-based BorgWarner Inc. and Maumee, Ohio-based Dana Inc. “to gauge their interest in potential tie-ups or asset deals.”
Detroit-based American Axle & Manufacturing Holdings Inc., a Tier 1 supplier of drivetrain components, says it’s not up sale after Bloomberg reported Thursday it had potential buyers.
American Axle in a Friday statement said: “While our long-standing policy is to not publicly comment on market rumors and media speculation, we feel it is important to state that we are not engaged in any discussions to sell the company and that we are not otherwise for sale. In the ordinary course of executing on our strategic plan, we continuously monitor market conditions and assess industry developments and we regularly consider strategic opportunities that serve the best interests of the company (including our customers and associates) and its shareholders.”
The company added it “does not intend to make any further comment or respond to any inquiries unless or until it determines that further disclosure is appropriate or necessary.”
American Axle is known for its driveline systems that carry the power of an internal combustion engine to the wheels, but the automaker has been prepping for the electric vehicle transition for at least the last decade, The Detroit News reported last year.
American Axle has been in operation as a tier-one supplier since 1994 after the late-Richard E. Dauch, who had recently retired from the Chrysler Corp. as executive vice president worldwide manufacturing, formed a small investment team to purchase five driveline and forging assets that GM had for sale.
khall@detroitnews.com
Twitter: @bykaleahall