SAO PAULO, February 1, 2012 /PRNewswire/ --
- Combined Company to Meet Global Needs of Automotive Manufacturers
Iochpe-Maxion S.A. ("Iochpe-Maxion") announced today that its subsidiary, Iochpe Holdings, LLC, has finalized its transaction to acquire Hayes Lemmerz International, Inc. ("Hayes Lemmerz"). The transaction combines the wheel businesses of Iochpe-Maxion and Hayes Lemmerz to create Maxion Wheels, a global wheels business with manufacturing locations in 12 countries and a presence in every major automotive region.
"Iochpe-Maxion is excited to have finalized its transaction to acquire Hayes Lemmerz," said Dan Ioschpe, CEO of Iochpe-Maxion. "The acquisition of Hayes Lemmerz furthers our strategy of growing our core global business and puts us in an excellent position to offer technologically-advanced products and outstanding services to all of our global customers and to meet their needs in every major geographic region for years to come."
"Customers will benefit significantly from the transaction," continued Ioschpe. "As automotive and commercial vehicle manufacturers continue to expand globally, they seek global suppliers who have the resources to invest and grow with them. This acquisition enables us to better meet our customers' needs by offering a broader and more competitive product line and enhancing service levels."
Fred Bentley to Lead Maxion Wheels, the New Global Wheel Organization
Fred Bentley, former COO of Hayes Lemmerz, has been named CEO of Maxion Wheels, the new global wheel group of Iochpe-Maxion and will report to Dan Ioschpe. Maxion Wheels will have its headquarters in Northville, Michigan, USA and will combine the wheel businesses of the two companies. "In combining the skills and talents of these two world-class wheel manufacturers, we will be able to better serve the best interests of all our key stakeholders - our customers, our shareholders, our suppliers, and our committed employees all around the world. We anticipate a smooth and successful integration," Bentley said. "We see many exciting global opportunities, and we have an experienced and talented team ready to pursue them."