American Axle & Manufacturing Offers Buy-Outs To Employees At New York Plant

Aug. 14, 2007
650 workers at Buffalo Gear facility are eligible

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
seniority;
-- $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.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!