American Axle & Manufacturing Holdings Inc., a longtime powertrain supplier to General Motors, said Friday that it is not for sale and not engaged in discussions to sell the company following a report Thursday suggesting otherwise.
"AAM is aware of the media activity regarding the company on November 3rd," the Detroit-based powertrain supplier said in a statement. "While our long-standing policy is to not publicly comment on market rumors and media speculation, we feel it is important to state that we are not engaged in any discussions to sell the company and that we are not otherwise for sale."
Separately, American Axle said Friday it swung to a $26.5 million third-quarter net profit compared with a $2.4 million loss during the same quarter last year. Revenue improved 26.5 percent to $1.53 billion.
The company's statement comes a day after Bloomberg reported on talks of a takeover.
According to the report, American Axle has sparked "preliminary interest" in a transaction from London-based Melrose Industries Plc and has had contact with two other major auto suppliers: BorgWarner Inc. and Dana Inc.
Dana and BorgWarner declined to "comment on rumors."