Hayes Lemmerz Completes Previously Announced Sale of Commercial Highway Hub and Drum Business
15 November 2005 - 10:13AM
PR Newswire (US)
NORTHVILLE, Mich., Nov. 14 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) today announced that it has
closed on the sale of its Commercial Highway Hub and Drum business
to Precision Partners Holding Company, which was previously
announced on October 20, 2005. The Hub and Drum business includes
the Company's operations in Berea, Kentucky, Chattanooga, Tennessee
and in Mexico City, Mexico. This transaction does not include the
Company's Automotive Brake Business that manufactures brake
components for the passenger car and light truck market. Net
proceeds from the sale will be used to reduce the principal amount
of Hayes Lemmerz' Term B loan and a portion will be used to provide
the Company with additional liquidity. Hayes Lemmerz International,
Inc. is a leading global supplier of automotive and commercial
highway wheels, brakes, powertrain, suspension, structural and
other lightweight components. The Company has 36 facilities and
over 10,000 employees worldwide. This press release includes
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended, which represent the Company's expectations
and beliefs concerning future events that involve risks and
uncertainties which could cause actual results to differ materially
from those currently anticipated. All statements other than
statements of historical facts included in this release are forward
looking statements. Factors that could cause actual results to
differ materially from those expressed or implied in such forward
looking statements include the factors set forth in our periodic
reports filed with the SEC. Consequently, all of the forward
looking statements made in this press release are qualified by
these and other factors, risks, and uncertainties. DATASOURCE:
Hayes Lemmerz International, Inc. CONTACT: Marika P. Diamond, Hayes
Lemmerz International, Inc., +1-734-737-5162
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