Hayes Lemmerz Explores Potential Divestiture of Its Commercial Highway Hub and Brake Drum Business
09 December 2004 - 11:47PM
PR Newswire (US)
Hayes Lemmerz Explores Potential Divestiture of Its Commercial
Highway Hub and Brake Drum Business NORTHVILLE, Mich., Dec. 9
/PRNewswire-FirstCall/ -- Hayes Lemmerz International, Inc.
(NASDAQ:HAYZ) announced today that it is exploring the potential
divestiture of its Commercial Highway Hub and Brake Drum business.
This includes the operations in Berea, KY, Chattanooga, TN and the
MinCer operations in Mexico City, Mexico. This initiative does not
include the Company's Automotive Brake Business that manufactures
brake components for the passenger car and light truck market. "The
Commercial Highway Hub and Drum business is performing well
financially. With a solid customer base, excellent brand and great
people, it has significant growth opportunities in its target
markets," said Curtis Clawson, President, CEO and Chairman of the
Board. "Our decision to explore a divestiture reflects our emphasis
on maximizing shareholder value. We will continue to focus our
resources on our core strengths where we have a competitive
advantage." "We are still in the early stages of exploring the
potential divestiture of the business. The Board will consider the
Company's options and determine the course of action that is in the
best interest of its shareholders," said Mr. Clawson. The Company
further said that it had retained Donnelly Penman & Partners, a
Michigan Investment Banking firm, to assist in the evaluation of
strategic options. 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 facilities in 14 countries and
approximately 11,000 employees worldwide. 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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