Hayes Lemmerz International has sold wholly-owned subsidiary, MGG Group BV to an affiliate of the ECF-Group, a privately held company based in Switzerland and The Netherlands.
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Located in The Netherlands and Belgium, MGG Group’s three facilities manufacture a variety of components including intake manifolds and other aluminium components for the European automotive, commercial vehicle and other industries and heat exchangers for gas-fired boilers.
Under the agreement announced on Monday, the investors acquired all of the outstanding stock of MGG Group and its subsidiaries.
Financial terms were not disclosed but Hayes Lemmerz said MGG’s annual sales for fiscal 2006 were approximately $US140m.
“We are pleased that we have completed this transaction,” said Curtis Clawson, President, CEO and chairman of Hayes Lemmerz. “By divesting this non-core business and focusing on high growth/high return markets, we are continuing to execute our strategic business plan and our drive toward profitability and positive free cash flow.”
The supplier does not expect this transaction to have any great impact on its previously released full fiscal year 2007 guidance.
