Hayes Acquires 35% of South African Wheel Company
5 March 1998
Hayes Acquires 35% of South African Wheel CompanyROMULUS, Mich., March 5 -- Hayes Lemmerz International, Inc. announced today that it has acquired 35% of the automotive wheels business of Automotive Overseas Investments Limited, the company which owns and operates NF Die Casting (Pty) Ltd., a producer of cast aluminum wheels for the automotive industry in South Africa and export to international markets. Hayes Lemmerz' partners in the joint venture are Anglo American Industrial Corporation and Industrial Development Corporation of South Africa. Terms of the agreement were not disclosed. The facility is located near Johannesburg and has annual capacity of 700,000 wheels. Sales are approximately $30 million and major customers include Mercedes, VW, BMW, Audi, Ford, Mazda, Honda, Nissan, and Toyota. "We look forward to working with our new partners," said Giancarlo Dallera, president of Hayes' European aluminum wheel business. "This acquisition will allow us to take advantage of our customer needs in South Africa and further enhance our global position." Hayes Lemmerz International, Inc., with annual sales of over $1.5 billion, is a world leader in the design, engineering and manufacture of steel and aluminum wheels and brake drums and rotors for the automotive and commercial highway markets in North America, Europe and Asia. Hayes has more than 7,000 employees and 20 manufacturing facilities in 11 countries worldwide. SOURCE Hayes Lemmerz International, Inc.