Hayes Lemmerz Sells Cadillac Foundry
Hayes Lemmerz International, Inc. has confirmed that it has sold Hayes Lemmerz International – Cadillac, Inc, a wholly-owned subsidiary that operates its Cadillac, Michigan facility. The Cadillac operation was sold to a group of private investors and will now be renamed Cadillac Casting, Inc.
Under the agreement announced today, the investors have acquired all of the outstanding shares of stock of the subsidiary. Financial terms of the transaction were not disclosed.
The Cadillac, Michigan facility is a ductile iron foundry, which makes engine exhaust manifolds, steering knuckles, and other cast components. Annual sales for this operation are approximately $60 million and it employs about 400 people. Cadillac Casting, Inc. will continue to supply castings to certain Hayes Lemmerz machining facilities, and other customers.
Curtis Clawson, president, CEO and chairman of the board, commented: “The sale reflects continued progress in Hayes Lemmerz’s plan to increase the focus on core products in select geographic areas. We are proud of the efforts of the highly-capable employees in Cadillac, and we are confident that they will be a valuable addition to the buyer.”