Hayes Lemmerz Forms Strategic Joint Venture in Turkey
August 09 2004 - 3:41PM
PR Newswire (US)
Hayes Lemmerz Forms Strategic Joint Venture in Turkey NORTHVILLE,
Mich., Aug. 9 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) today announced that it formed an
aluminum wheel joint venture with operations in Manisa, Turkey. The
new joint venture, Jantas Aliminyum Jant Sanayi ve Ticaret A.S.
(a.k.a. Jantas Aluminum Wheels), will serve the Turkish and other
European markets. The joint venture is expected to begin production
at the end of 2005 and to produce up to 1.5 million wheels
annually. The joint venture will be owned 40 percent by Hayes
Lemmerz, 35 percent by Cromodora Wheels S.p.A and 25 percent by
Inci Holding A.S. Financial terms of the joint venture were not
disclosed. "It is important to team with the right partners. Our
business ventures with Inci date back to 1992," said Fred Bentley,
President of Hayes Lemmerz' International Wheel Group. "This joint
venture will benefit from the technical know how of both Hayes
Lemmerz and Cromodora to establish a manufacturing process based on
the most advanced techniques." "This joint venture will
strategically expand our capabilities beyond Hayes Lemmerz'
existing wheel operations in Turkey. Geographic expansion is
critical to Hayes Lemmerz because it enables us to support our
customers as they grow in the developing markets of the World. As
part of this strategy, in 2004 we will complete aluminum wheel
plant expansions in Thailand, Brazil and the Czech Republic," said
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 44 plants and approximately 11,000
employees worldwide. Cromodora Wheels S.p.A., with headquarters in
Italy, is a supplier of specialty and premium aluminum wheels to
the OEM market. 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 1500 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/
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