American Axle to invest more than $100M in plant
DETROIT -- American Axle & Manufacturing Holdings Inc. said Friday that it will spend more than $100 million on a Michigan manufacturing plant to add new production lines, increase shipping capacity and other items.
The investment is expected to create 500 jobs and help the company expand its product lineup and customer base in North America. Detroit-based American Axle makes axles, transmission parts and other parts for the automotive industry.
The U.S. auto industry has been recovering since the recession, when sales plunged. On Friday, auto makers reported that January sales rose 14 percent to more than 1 million vehicles, the industry's best January since 2008.
Work at the plant, in Three Rivers, Mich., will be completed by December, American Axle said.
Shares rose 40 cents, or 3.4 percent, to close at $12.08.