AMERICAN AXLE & MANU

AXL
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6.585USD -3.02%

AMERICAN AXLE & MANUFACTURING HOLDINGS INC : Regulation FD Disclosure (form 8-K)

09/24/2020 | 07:05am

Item 7.01 Regulation FD Disclosure

On September 22, AAM's Malvern Manufacturing Facility in Ohio ("Malvern") experienced a significant industrial fire. All associates were evacuated safely and without injury. The Company is still assessing the impact of the damage as well as coordinating plans to work around this disruption and protect continuity of supply to our customers, including utilizing production capacity and resources at other AAM facilities.

The Company's insurance policies (less applicable deductibles) are expected to cover the repair or replacement of the Company's assets that incurred loss or damage. In addition, the Company's insurance policies are expected to provide coverage for interruption to its business, including lost profits, and reimbursement for other expenses and costs that are incurred relating to the event.

Malvern's major product lines include pinion forgings and axle tubes for internal AAM consumption as well as other forgings for outside customers, both automotive and non-automotive. Malvern generated approximately $100 million of sales in 2019, including intercompany sales.

Forward-Looking Statements

This report contains forward-looking statements and other information relating to matters that are not historical facts. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include the factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this report. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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