Hayes Lemmerz International, Inc. has announced the sale of Hayes Lemmerz International – Wabash, Inc., a wholly-owned subsidiary that operates its Wabash, Indiana facility, to Harvey Industries LLC, a privately held company based in Michigan.
Under the agreement announced today, Harvey Industries has acquired all of the assets of the subsidiary.
Financial terms of the transaction were not disclosed.
The Wabash, Indiana facility employs about 325 employees and manufactures intake manifolds, cylinder heads, water pump housings, and cast iron exhaust manifolds.
“This transaction will further enhance Hayes Lemmerz’ goal to strengthen our financial position and to focus on initiatives in select geographic regions that will improve the growth of our company,” said Curtis Clawson, president, CEO and chairman of the board of Hayes Lemmerz.
Jerome Harvey, President of Harvey Industries, LLC said, “We are equally pleased with this transaction.
“We believe this transaction will allow us to further optimize and enhance the business of manufacturing and machining complex aluminum castings.”
The Company also said that it does not expect the transaction to have a material impact on its previously announced full fiscal year 2007 guidance.
Hayes Lemmerz International, Inc. is a global supplier of automotive and commercial highway wheels, brakes and powertrain components.
The Company has 26 facilities and approximately 7,500 employees worldwide.
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