Hayes Lemmerz International has agreed the sale of its Hayes Lemmerz International – Cadillac subsidiary to a group of private investors. The company, which operates the Cadillac, Michigan facility, will be renamed Cadillac Casting, Inc.
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Under the agreement announced yesterday (6 December), 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 US$60m and it employs about 400 people. Cadillac Casting, Inc. will continue to supply castings to certain Hayes Lemmerz machining facilities, and other customers, a statement from automotive components company said.
Curtis Clawson, president, CEO and chairman of the board, said: “The sale reflects continued progress in Hayes Lemmerz’ 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.”
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