SAO PAULO, Brazil (Feb. 3, 2012) — Brazilian wheel maker Iochpe-Maxion S.A. has finalized its $725 million acquisition of U.S. commercial vehicle wheel maker Hayes Lemmerz International Inc., creating a global wheels business with manufacturing locations in 12 countries and a presence in every major automotive region.
“As automotive and commercial vehicle manufacturers continue to expand globally, they seek global suppliers who have the resources to invest and grow with them,” said Iochpe-Maxion CEO Dan Ioschpe. “This acquisition enables us to better meet our customers´ needs by offering a broader and more competitive product line and enhancing service levels.”
The addition of Hayes Lemmerz will more than double Iochpe-Maxion's annual sales to nearly $3 billion, with more than three-fourths of that in wheels.
Iochpe-Maxion named Fred Bentley, former COO of Hayes Lemmerz, the CEO of Maxion Wheels, the firm's new global wheel organization, which will have its headquarters in Northville, Mich.
“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,” Mr. Bentley said.