American Axle & Manufacturing Holdings, Inc. announced on Aug. 14 it will offer a voluntary separation program to all hourly associates represented by the United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) at its Buffalo Gear, Axle & Linkage facility in Buffalo, N.Y.
The company will offer early retirement incentives and buy-outs to approximately 650 eligible hourly associates.
Previously AAM had announced plans to idle a portion of its U.S. production capacity dedicated to the mid-sized light truck product range.
The offers include:
-- A monthly incentive for associates eligible to grow into retirement
within four years;
-- $50,000 incentive to retirement eligible associates;
-- $70,000 buy-out incentive to associates with less than 10 years
-- $100,000 buy-out incentive to associates with greater than or equal to
10 years seniority;
-- An early retirement program for associates with greater than or equal
to 10 years of service and greater than or equal to 50 but less than 65
years of age.