American Axle & Manufact. Holdings Inc. (NYSE:AXL) plans to demolish the Detroit Manufacturing complex


Boston, MA, 07/01/2013 (financialstrend) – American Axle & Manufact. Holdings Inc. (NYSE:AXL) had recently made its announcement on the plans of demolishing the Detroit Manufacturing complex of the company by this summer. The 1.9 million square feet complex of the Detroit based supplier is to be collapsed and the shuttered property is planned to be sold out in the next eight months. At least 300 employees were laid off at the manufacturing site early in February 2013 and the area had since then remained completely idle. American Axle & Manufact. Holdings Inc. (NYSE:AXL) hopes that the sale of the shuttered property would be helpful to spark some interest from the investors in that area.

Shares of American Axle & Manufact. Holdings Inc. (NYSE:AXL) surged by 1.19 percent to close at $18.63 on Friday. The opening price for the stock was at $18.36 per share and thereafter fluctuated between $18.35 and $19.17 throughout the day. The 52 week low price of American Axle & Manufact. Holdings Inc. (NYSE:AXL) is at $9.27 and 52 week high is readjusted to new value at $19.17 per share.

With around 74.84 million shares outstanding in the market, American Axle & Manufact. Holdings Inc. (NYSE:AXL) presently has a market cap of $1.39 billion. The company had witnessed the trade on 3.25 million shares on Friday, which was huge compared to the average trading volume at 1.63 million shares per day. The institutional investors contribute to around 100 percent of the total capital of American Axle & Manufact. Holdings Inc. (NYSE:AXL).

American Axle & Manufact. Holdings Inc. (NYSE:AXL) is primarily engaged in the manufacturing, engineering and design of drivetrain and driveline systems along with the related components and chassis modules for wide range of vehicles such as passenger cars, light trucks, commercial vehicles, sports utility vehicles and crossover vehicles.

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