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American Axle & Manufacturing (AXL -9.1%) says it will close its New York gear-making plant...

American Axle & Manufacturing (AXL -9.1%) says it will close its New York gear-making plant after union members fail to ratify a new contract. The announcement comes a month after the company said it will close its Detroit plant after workers there failed to agree to wage cuts. The closures will throw a combined 400 people out of work.
Comments (8)
  • wyostocks
    , contributor
    Comments (8229) | Send Message
     
    Finally, corporate management with a backbone.
    I only which government agencies will begin the witch hunt to get even with the greedy capitalists.
    18 Aug 2011, 04:50 PM Reply Like
  • Terry330
    , contributor
    Comments (867) | Send Message
     
    For the year, the company raised its revenue projection by $100 million to a range of $2.5 billion to $2.6 billion.

     

    American Axle reported a profit of $49.2 million, or 65 cents a share, up from $25.4 million, or 34 cents a share, a year earlier. The latest period included $3.1 million in debt-refinancing and redemption expenses. Revenue increased 23% to $686.2 million.

     

    Analysts polled by Thomson Reuters most recently forecast earnings of 44 cents on revenue of $632 million.

     

    Gross margin rose to 19% from 17.7%.
    July 2011 report
    18 Aug 2011, 05:45 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    Interesting that they can make more money with fewer workers and factories. And now we have two municipalities whose property tax base has been eroded that will have difficulty providing for out of work people.
    18 Aug 2011, 09:53 PM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    Smart Unions.....off to Asia the jobs go....its better anyway..that is where they are buying trucks and cars...what idiots the unions have become...
    18 Aug 2011, 04:59 PM Reply Like
  • Terry330
    , contributor
    Comments (867) | Send Message
     
    Rick Perry says "come to Texas for good jobs". The state pays average $9 per hour, plus you recieve food stamps, Medicade, public housing, pay no federal income tax.
    18 Aug 2011, 05:18 PM Reply Like
  • Rhianni32
    , contributor
    Comments (2039) | Send Message
     
    Setting aside pro or anti union sentiment here...
    How stupid do the New York Union members have to be to see Detroit say no and lose all their jobs.. and then New York says no?
    They couldn't have asked for a bigger message written on the wall.
    18 Aug 2011, 05:20 PM Reply Like
  • Terry330
    , contributor
    Comments (867) | Send Message
     
    Conservatives are still pushing for a Mexico style government and economy. US will be known as "North Mexico"
    18 Aug 2011, 05:21 PM Reply Like
  • goldkey-mds@sbcglobal.net
    , contributor
    Comment (1) | Send Message
     
    Wake up union workers! Your union leaders are thugs who do not negotiate with your best interest, and management will exercise their choices. A job with reduced pay in America is better than a President Obama stimulus food stamp program.
    18 Aug 2011, 06:33 PM Reply Like
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