DETRIOT — American Axle & Manufacturing Holdings’ (AAM) board of directors has approved an expansion of AAM’s stock repurchase program by 3 million shares. The expansion, coupled with the 2.5 million shares already purchased since the program was established in February 2004, brings the aggregate program total to 5.5 million shares. Under the program, purchases can be made in the open market or in privately negotiated transactions from time to time over the next two years.
“The repurchase of 2.5 million shares under our initial authorization successfully completes the comprehensive refinancing plan we pursued upon achieving investment grade status,” said AAM Co-Founder, Chairman of the Board and CEO Richard Dauch. “Now we will commence our long-term plan of combining a sustainable dividend payout and an opportunistic share repurchase program to enhance shareholder returns and manage our capital structure.”
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