Hayes Lemmerz International Acquires MIN-CER S.A. de C.V.
11 June 1998
Hayes Lemmerz International Acquires MIN-CER S.A. de C.V. to Expand its Commercial Highway Presence in One of the World's Fastest Growing MarketsROMULUS, Mich., June 11 -- Hayes Lemmerz International, Inc. , the world's leading supplier of wheels and brake components to the transportation industry since 1908, today announced that it has acquired MIN-CER, S.A. de C.V. MIN-CER is the largest manufacturer of hubs, drums, and steel wheels for the heavy-duty truck market in Mexico, and had annual sales of approximately $25 million in 1997. Terms of the agreement were not disclosed. The acquisition will play an important role for Hayes Lemmerz in its continuing effort to expand its worldwide production of aluminum and steel wheels and brake drums and rotors to the global transportation market. Several heavy duty truck and trailer manufacturers have announced their intentions to move production to Mexico and Hayes intends to leverage MIN-CER's unparalleled reputation for quality, innovation and service to serve these customers, thereby enhancing the Company's capacity and global presence through its network of manufacturing facilities, while continuing to follow its customers around the globe. "We are proud to join the world-class Hayes Lemmerz family of companies as we believe that this will enable MIN-CER to more rapidly expand its business and we look forward to working with our new partners around the globe," said Carlos de la Garaz, President and CEO of MIN-CER. "The MIN-CER acquisition will play a key role in expanding our global network of manufacturing facilities that serve our existing and future customer base," said Mike McGrath, President of the Hayes Commercial Highway and Aftermarket Services. "As heavy truck production expands in Mexico, Hayes Lemmerz will be well positioned to supply the highest quality and latest technology to our customers in North America. " Hayes Lemmerz International, Inc., with annual sales of over $1.7 billion, is the world's largest wheel manufacturer and is a 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 Lemmerz International has more than 8,500 employees and 25 manufacturing facilities in 9 countries worldwide.