Hayes Lemmerz Acquires Majority Ownership of Turkish Joint Venture
14 November 2003 - 1:56AM
PR Newswire (US)
Hayes Lemmerz Acquires Majority Ownership of Turkish Joint Venture
NORTHVILLE, Mich., Nov. 13 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. announced today that it has acquired an
additional 35% of its joint venture, Jantas Jant Sanayi ve Ticaret
A.S., in Manisa, Turkey. Hayes Lemmerz now owns 60% of the Company,
which is part of Hayes Lemmerz' European Wheel Group. The remaining
40% is held by Inci Holding A.S., Cevdet Inci, and members of his
family. The joint venture has been renamed Hayes Lemmerz Jantas
Jant Sanayi ve Ticaret A.S. Terms of the transaction were not
disclosed. (Logo:
http://www.newscom.com/cgi-bin/prnh/20010522/HLILOGO ) Jantas was
founded by Cevdet Inci in 1968 to manufacture fabricated steel
wheels for the heavy truck and agricultural industries. Hayes
Lemmerz International, Inc. acquired its initial interest in the
joint venture when it acquired Lemmerz Werke GmbH in 1997. Today,
Jantas has the capacity to produce over 1.2 million wheels
annually. "Jantas is a growing business that supplies over 175
customers in 50 countries," said Curtis Clawson, Chairman and Chief
Executive Officer of Hayes Lemmerz International. "We are confident
in the tremendous opportunity Jantas provides to increase our
market share in Western and Eastern Europe and Asia." "By adding
Jantas to our other strategic commercial vehicle businesses, we
have a very strong global offering in this market," said Fred
Bentley, President of Hayes Lemmerz European Wheel Group. "This
positions us very well for the rebound in tractor builds expected
during the next few years. This acquisition improves our ability to
meet customer needs in the very important Asia and Eastern Europe
markets as well as leveraging our already strong global position.
We are very pleased with this addition to our business." In
addition, in a related transaction, Hayes Lemmerz has sold
approximately 8% of its interest in its Hayes Lemmerz Inci A.S.
operations, for an undisclosed sum to Inci Holding A.S. As a
result, Hayes reduces its ownership to 60%, with 40% held by Inci
Holding A.S., Cevdet Inci, and members of his family. Hayes Lemmerz
Inci A.S. is a producer of steel wheels for the automotive industry
for the international passenger car markets. Terms of the
transaction were not disclosed. Mustafa Zaim has been named the
Managing Director of Hayes Lemmerz Turkish Wheel operations,
responsible for both Hayes Lemmerz Jantas Jant Sanayi ve Ticaret
A.S. and Hayes Lemmerz Inci A.S. Mr. Zaim will report to Mr.
Bentley. 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 43 plants, 2 joint venture facilities
and over 11,000 employees worldwide.
http://www.newscom.com/cgi-bin/prnh/20010522/HLILOGO DATASOURCE:
Hayes Lemmerz International, Inc. CONTACT: Marika Diamond of Hayes
Lemmerz International, Inc., +1-734-737-5162 Web site:
http://www.hayes-lemmerz.com/
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