Hayes Lemmerz has completed the sale of its commercial highway hub and drum business to Precision Partners Holding Company, a deal which was first announced last month.
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The hub and drum business includes the company’s operations in Berea, Kentucky, Chattanooga, Tennessee and Mexico City, Mexico. The transaction did not include the automotive brake business that makes components for the passenger car and light truck market.
Net proceeds from the sale will be used to reduce the principal amount of Hayes Lemmerz’ Term B loan and a portion will be used to provide additional liquidity.
