HAYES WHEELS TO SELL INTEREST IN METALURGICA FPS do BRAZIL, LTD.
ROMULUS, Mich., Nov. 11 /PRNewswire/ -- Hayes Wheels International, Inc. (NYSE: HAY) has signed a letter of intent to sell Metalurgica FPS do Brazil, Ltd. Terms of the agreement were not disclosed. Formed in 1981, Metalurgica FPS do Brazil, located in Sao Paulo, Brazil, is a manufacturer of cast aluminum wheels to the automotive market in Brazil. "This joint venture was started as a greenfield operation in 1981," said Ron Cucuz, president and chief executive officer, Hayes Wheels. "We have worked with our partner to build this business over the last decade and we feel the sale of our minority interest at this time is a transaction that will provide benefits to both Hayes Wheels and Metalurgica FPS do Brazil. We will continue to provide technical assistance to the business." Hayes Wheels International is a world leader in the design, engineering and manufacture of steel and aluminum wheels for the automotive market in North America, Europe and Asia. Hayes Wheels is an affiliate of the Kelsey-Hayes Group of Companies. -0- 11/11/93 /CONTACT: Jill Lucius, 313-567-5022, or Lee Ann Welsh, 313-567-5087, both of Anthony M. Franco, Inc., for Hayes Wheels/ (HAY)
CO: Hayes Wheels International, Inc.; Metalurgica FPS do Brazil, Ltd. ST: Michigan IN: AUT SU: TNM
ML -- DE004 -- 3082 11/11/93 08:56 EST
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|Date:||Nov 11, 1993|
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