Hayes Lemmerz International to Buy Back Up to $30 Million in Stock Repurchase Program
19 July 2000
Hayes Lemmerz International to Buy Back Up to $30 Million in Stock Repurchase ProgramNORTHVILLE, Mich. - Hayes Lemmerz International, Inc. , one of the world's leading suppliers of wheels, brakes, powertrain, suspension, structural and other lightweight components to the automotive and commercial highway markets, today announced that its Board of Directors has approved the repurchase of up to an aggregate of $30 million of its outstanding Common Stock. "Based on current market prices, our stock is at a historical low and we believe that the repurchase program is a good investment of available funds," and Ron Cucuz, Hayes CEO and Chairman of the Board. The repurchases will be made from time to time on the open market at prevailing market prices or in privately negotiated transactions. The repurchased shares will be used for general corporate purposes. The repurchase program is expected to continue over the next twelve (12) months unless extended or shortened by the Board of Directors. Hayes Lemmerz International, Inc. is one of the world's leading global suppliers of automotive and commercial highway wheels, brakes, powertrain, suspension, structural and other lightweight components. The Company has annual sales of $2.3 billion with 45 plants, 6 joint venture facilities and over 15,000 employees worldwide.