Hayes Lemmerz Sells Components Machining Plant
Hayes Lemmerz International, Inc. has announced the sale of its Southfield, Michigan iron suspension components machining plant to Whitebox Advisors, LLC and the management team who had previously purchased the Company’s Cadillac, Michigan ductile iron foundry in December 2005.
Under the agreement, this group has acquired all of the outstanding shares of stock of Hayes Lemmerz International – Southfield Inc., a wholly owned subsidiary of Hayes. The Company will be renamed 3Point Machine, Inc. The plant employs about 180 people.
“The sale is further evidence of our commitment to concentrate resources on our core strengths and provide our Company with greater financial flexibility,” said Curtis Clawson, President, CEO and Chairman of the Board.