AXL ready to invest millions if labor pact reached

[Omaha Steve]

http://www.reuters.com/article/marketsNews/idUSN2519342620080425

Fri Apr 25, 2008 10:35am EDT

DETROIT, April 25 (Reuters) - American Axle & Manufacturing Holdings Inc (AXL.N: Quote, Profile, Research) is prepared to invest $250 million to $300 million at its U.S. plants if it reaches a cost-effective labor agreement with striking workers, Chief Executive Dick Dauch said on Friday.

"American Axle is prepared to invest up to $250 to $300 million in this next four-year period ... at these facilities if a U.S. market-competitive labor cost structure is achieved," Dauch told analysts and reporters on a conference call.

"A lot of work still must be done to achieve an agreement through the collective bargaining process," he added.

About 3,650 employees represented by the United Auto Workers union went on strike at five American Axle plants in New York and Michigan on Feb. 26 after the union and the company failed to reach agreement on a new labor contract.

The two sides have been negotiating almost daily since April 9, when contract talks resumed. (Reporting by Soyoung Kim; editing by John Wallace)

[rocktivity]

1. Congrats, Axl!

I'm glad you've come to terms with the fact that your music career has been over for a decade and that you're doing something smart with all the money you've made!

:headbang:
rocknation