American Axle OKs Stock Buyback - aftermarketNews

American Axle OKs Stock Buyback

Detroit-based American Axle & Manufacturing Holdings announced that its board approved a share repurchase program calling for the company to repurchase up to 2.5 million shares of its stock over the next two years.

From Detroit Free Press

DETROIT — Detroit-based American Axle & Manufacturing Holdings announced that its board approved a share repurchase program calling for the company to repurchase up to 2.5 million shares of its stock over the next two years.

“Now that we have achieved investment grade credit status from both Standard & Poor’s and Moody’s in the fourth quarter of 2003, we are very pleased to commence returning cash to our stockholders in the form of a stock repurchase program,” Chairman and CEO Richard Dauch said in a statement.

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