American Axle & Manufacturing Holdings Inc. predicts that in the few years, it will have $850 million in a new business. The company has certainly come a long way after General Motors gave a financial lifeline to the supplier in 2009.
American Axle said that its backlog of new and incremental business for 2011-13 will be higher by 20% than the previous three-year backlog from 2010 to 2012.
American Axle, which was a GM unit, manufactures driveline and drivetrain systems and other components. It posted a net income of $80.5 million on revenue of $1.70 billion during the first nine months of the year.
For the same period in 2009, it lost $301.7 million on revenue of $1.06 billion. American Axle said that having a diversified portfolio of customers resulted to the higher backlog. During the GM bailout, the automaker made up for about three-fourths of American Axle's revenue.
In a release, the supplier said half of the new backlog stems from non-GM companies. These include orders from Audi AG, Chrysler Group, Daimler AG, Nissan Motor Co., Volkswagen Commercial Vehicles and others.
American Axle also revealed its plan to expand business overseas. Over 60% of the $850 million backlog comes from sources outside North America. [via autonews - sub. required]