US: Hayes Lemmerz's Russian wheel deal
Hayes Lemmerz International German subsidiary, Hayes Lemmerz Holding, has signed a licence agreement with Tolyatinskiy Zavod Stalnih Kolyos (TZSK) of Togliatti, Russia, to use the western company's technology to make steel wheels for Russian passenger car manufacturers.
"We are pleased about this licensing agreement and believe it will position us for substantial growth in this new market," said Fred Bentley, president and chief operating officer of Hayes Lemmerz' global wheel group.
"We look forward to working closely with Hayes Lemmerz on this exciting new opportunity. Hayes Lemmerz' technology and know how, combined with our local expertise, will help us penetrate the rapidly growing Russian vehicle market," said TZSK president, Valeriy Shiyanov.