American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) is looking for M&A. Christopher May EVP and CFO said during the Deutsche Bank's Global Automotive Conference, "Well, clearly, having a powertrain-agnostic application is one of our goals as the company is to be at the macro level powertrain agnostic. What does that mean? That means we can supply ICE, we can supply Hybrid, we can supply EV.

But in terms of M&A, maybe we should start to taking step back and talk about our capital allocation first. So obviously, we've been using our strong cash flow generating power of our company to continue to reduce the outstanding leverage of our company being taking gross debt down. We have paid over $1.4 billion of our debt down from 2017.

I would expect that to continue. We'll continue to fund the organic growth and R&D investments necessary to continue to support our programs and new business opportunities in front of us as a company. And then we would pursue M&A activity where it makes sense.

Of course, the last bucket, I would put in the shareholder activity, whether it'd be buybacks or dividends. And right now, we have, we do not have open authorizations for either one of those. Our focus has been on the funding the organic growth of the company as well as paying down our debt.

But as it specifically relates to M&A that you asked about, if you look at what we have done over the last couple of years, in addition to paying down debt, using that internally generated cash flow, we have made some, I would call, tactical acquisitions, for example, most recently, Tekfor out of Europe. It was about a $400 million revenue -- dollar revenue book of business. That was -- had a lot of agnostic products into it.

Also bought some BEV technologies that we didn't have from a forging perspective. But also played right in our hand of a consolidation and synergy play. So it really hit in my mind on the trifecta of some of the 3 areas we're looking for, for an M&A acquisition.

Those type of things would be certainly things we would consider about the inside the envelope of our current cash flow generation".