Hayes Lemmerz Completes Sale of Powertrain Components Facility
On July 5 wheel and automotive parts manufacturer Hayes Lemmerz International announced the sale of Hayes Lemmerz International – Wabash, Inc., a wholly-owned subsidiary that operates its Wabash, Indiana facility, to Harvey Industries LLC, a privately held company based in the US. Under the terms of the agreement, Harvey Industries has acquired all assets of the subsidiary. The financial terms of the transaction remain undisclosed.
The Wabash facility employs about 325 employees and manufactures intake manifolds, cylinder heads, water pump housings, and cast iron exhaust manifolds. “This transaction will further enhance Hayes Lemmerz’ goal to strengthen our financial position and to focus on initiatives in select geographic regions that will improve the growth of our company,” said Curtis Clawson, Hayes Lemmerz president, CEO and chairman of the board. “At the same time, this transaction will provide the Wabash facility the opportunity to grow with Harvey Industries.”
Jerome Harvey, President of Harvey Industries, LLC said, “We are equally pleased with this transaction. We believe this transaction will allow us to further optimise and enhance the business of manufacturing and machining complex aluminium castings.”