Hayes Lemmerz Appoints Committee to Review Offer
10 January 2000
Hayes Lemmerz International Appoints Special Committee to Review Offer From Majority StockholdersDETROIT, Jan. 10 -- Hayes Lemmerz International, Inc. announced that its Board of Directors had formed a Special Committee comprised of its independent directors, Messrs. John S. Rodewig and Ray H. Witt, to review a proposal from stockholders owning in excess of 75% of Hayes' common stock, to acquire the remaining shares of HAZ which they do not already own for $21 in cash per share. The Special Committee intends to retain independent legal counsel and financial advisors to assist in its review of the proposal. In the letter setting forth the proposal, the majority stockholders said they had no interest in selling their interest in the Company. Hayes Lemmerz International, Inc. is one of the world's leading global suppliers of automotive and commercial highway wheels, brakes, suspension, structural and other lightweight components. The company has annual sales of close to $2.3 billion with 43 plants, 8 joint venture facilities and over 15,000 employees worldwide. More information about Hayes Lemmerz International, Inc. is available at http://www.hayes-lemmerz.com, and a complete list of current and archived press releases is available at http://www.hayeslemmerz.com/press_kit . CONTACT: William Shovers of Hayes Lemmerz International, Inc., 734-737-5100