BBS International plans to buy the plant and use it as its production plant to support certain of its U.S. operations, according to a posting on the Hayes Web site.
Hayes recently announced plans to close the Gainesville plant by the end of the year.
BBS International has also acquired the Hoboken, Belgium subsidiary of Hayes Lemmerz. That factory produces cast aluminum wheels for passenger cars and currently employs approximately 315 people.
The Gainesville plant is less than 15 miles from the BBS factory in Braselton. BBS will use the factory as its production plant to support its non-OEM activities in the USA.
"With the dollar being weak, our customers operating in the USA obviously want to source their wheels from local suppliers. For us, this is an economical and efficient way to serve our customers not only in Germany, but also in the USA. BBS's long term focus is on the premium segment which is dominated by lightweight technologies such as flow-forming and forging," said Guido Dumarey, CEO at Punch.
Curtis Clawson, president, CEO and chairman of the board of Hayes Lemmerz International Inc., commented, "The Hoboken and Gainesville divestitures reflect continued progress in Hayes Lemmerz' overall strategy to reduce costs, realign capacity and increase the focus on leading-cost, high-growth regions."
About Hayes Lemmerz
Hayes Lemmerz International Inc. (Nasdaq: HAYZ) is a world leading global supplier of automotive and commercial highway wheels. Hayes Lemmerz has 23 facilities and over 7,000 employees worldwide. More information can be found at www.hayes-lemmerz.com.
About Punch International
Founded in 1982, Punch has since grown to become a diversified industrial holding company. Punch seeks to achieve long term capital growth by acquiring majority stakes in a varied portfolio of companies with a view to unlocking implicit value. Acting as a catalyst of proven and potentially successful technologies, Punch provides the necessary funds to realize their commercial breakthrough. As a consolidator, Punch focuses on gaining critical mass in order to establish a leading market position in the segments in which it operates. Punch is actively involved in the management of its investments, seeking to leverage each subsidiary's operational, commercial and financial performance in order to maximize shareholder value. 'Punch, unlocking value.'
Gainesville Hayes Lemmerz plant
http://accesswdun.com/article/2008/6/210863