Hayes Lemmerz Completes Sale of Its Cadillac, MI Foundry
07 December 2005 - 11:40AM
PR Newswire (US)
NORTHVILLE, Mich., Dec. 6 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) today announced the sale of Hayes
Lemmerz International - Cadillac, Inc., a wholly-owned subsidiary
that operates its Cadillac, Michigan facility, to a group of
private investors. The company will be renamed Cadillac Casting,
Inc. Under the agreement announced today, the investors have
acquired all of the outstanding shares of stock of the subsidiary.
Financial terms of the transaction were not disclosed. The
Cadillac, Michigan facility is a ductile iron foundry which makes
engine exhaust manifolds, steering knuckles, and other cast
components. Annual sales for this operation are approximately $60
million and it employs about 400 people. Cadillac Casting, Inc.
will continue to supply castings to certain Hayes Lemmerz machining
facilities, and other customers. Curtis Clawson, President, CEO and
Chairman of the Board, commented, "The sale reflects continued
progress in Hayes Lemmerz' plan to increase the focus on core
products in select geographic areas. We are proud of the efforts of
the highly-capable employees in Cadillac, and we are confident that
they will be a valuable addition to the buyer." 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 of
Hayes Lemmerz International, Inc., +1-734-737-5162 Web site:
http://www.hayes-lemmerz.com/
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