You are absolutely right Snoopy...happened in 1994.

http://www.cnbc.com/id/23464463/

 

Thanks Deb..... Thought I remembered that correctly !

 

American Axle was never owned by GM as a company or division. GM was selling off the assets of GM Saginaw and a group of private investors bought the axle and forge plants. They formed AAM and later took the company public.

 

So, crafty, it was the old Saginaw Gear and Axle?

 

Pretty much. But the company itself was never an actual division of GM. They just bought the plants and employees that were under Saginaw gear and axle. Other assets went to other companies and GM retained the tooling rights under the new supplier contracts. This is all according to what I've read, but GM didn't have any buyout clauses or investment in AAM like they did when Delphi was spun off.

I think the AAM people realized that with all the problems Dana's been going through that they were probably next--especially without a diversified customer portfolio.

 

Hopefully GM fires all of the people on strike and then gives the job to Americans.

 

I love it, Your in Michigan and waiting on an "Chevy from Mexico." Good thing we like these things.

 

Straight from the horses mouth...the AAM site

http://www.aam.com/index.php?s=25

AAM can trace its history to the beginning of the 20th century and the infancy of the automotive industry. The foundation for what is now AAM was laid in 1917 when General Motors Corporation built an aircraft parts manufacturing facility in Detroit, on the land where AAM’s World Headquarters and flagship North American facility now stands. Later, automotive parts were added to the product mix. By 1920, two additional plants had been built in Detroit to meet the increased demands of the burgeoning automotive industry. Two additional plants were constructed in Detroit in the ‘40s and ‘50s.

The facilities remained under the General Motors umbrella until late 1992, when General Motors publicly announced that 18 of its manufacturing plants were for sale – five of which encompassed the Final Drive and Forge Business Unit of GM.

In response to the GM announcement, Richard E. Dauch, who had recently retired from the Chrysler Corporation as executive vice president Worldwide Manufacturing, formed a small investment team to purchase five driveline and forging assets that GM had up for sale. On March 1, 1994, AAM became a stand-alone, independent, multi-billion-dollar Tier One automotive supplier.

 

Well done Deb!

 

I thought it was Americans on strike?