Hayes Lemmerz Increases Ownership in Turkish Joint Venture
29 November 2005 - 6:21AM
PR Newswire (US)
NORTHVILLE, Mich., Nov. 28 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) today announced that it has
increased its ownership stake in its Turkish aluminum wheel joint
venture, Jantas Aluminyum Jant Sanayi ve Ticaret A.S. (a.k.a.
Jantas Aluminum Wheels), with operations in Manisa, Turkey.
"Increasing our stake in this joint venture further improves our
ability to meet customer needs in the very important Turkish and
European markets as well as leveraging our already strong global
position. We continue to transform our global footprint to meet the
very demanding customer requirements in the Aluminum Market. We
expect this facility will follow the success we have had in our
other growing low cost locations," said Fred Bentley, President of
Hayes Lemmerz' International Wheel Group. Hayes Lemmerz and Inci
Holding A.S., one of the other two original joint venture partners
in Jantas Aluminum Wheels, acquired the 35 percent interest in the
joint venture previously held by Cromodora Wheels S.p.A. As a
result of the transactions, Hayes Lemmerz increased its interest
from 40 percent to 60 percent, while Inci Holding A.S. increased
its share from 25 percent to 40 percent. "We are excited to build
on the advantage of an already successful partnership with the Inci
Group in Turkey who provide valuable local knowledge of the Middle
East market and will provide additional efficiencies for our
operation," Mr. Bentley added. The joint venture is expected to
eventually produce 1.5 million wheels annually and will start
production in early 2006. Mustafa Zaim, Managing Director, is
responsible for Hayes Lemmerz' Turkish Wheel Operations. Mr. Zaim
reports directly to Mr. Bentley. Hayes Lemmerz has expanded
operations in Mexico, Brazil, Czech Republic, and Thailand in the
recent past. The operation in Turkey is the next step in building
on the recent success of the low cost focus of operations. 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 37 facilities and over 10,000 employees worldwide. Inci
Holding is one of the major Groups in Turkey, operating in
automotive, logistics, insurance, construction, and white goods
sectors. The Group has 17 companies and joint ventures, employing
1,500 people. DATASOURCE: Hayes Lemmerz International, Inc.
CONTACT: Marika P. Diamond of Hayes Lemmerz International, Inc.,
+1-734-737-5162 Web site: http://www.hayes-lemmerz.com/
Copyright
Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Hayes Lemmerz International (MM) (NASDAQ): 0 recent articles
More Hayes Lemmerz International New (MM) News Articles