NORTHVILLE, MI --
Hayes Lemmerz International announced this week it has increased its ownership stake in its Turkish aluminum wheel joint venture, Jantas Aluminyum Jant Sanayi ve Ticaret A.S. (a.k.a. Jantas Aluminum Wheels), which has operations in Manisa, Turkey.
"Increasing our stake in this joint venture further improves our ability to meet customer needs in the very important Turkish and European markets as well as leveraging our already strong global position. We continue to transform our global footprint to meet the very demanding customer requirements in the Aluminum Market. We expect this facility will follow the success we have had in our other growing low cost locations," said Fred Bentley, president of Hayes Lemmerz' International Wheel Group.
Hayes Lemmerz and Inci Holding A.S., one of the other two original joint venture partners in Jantas Aluminum Wheels, acquired the 35 percent interest in the joint venture previously held by Cromodora Wheels S.p.A. As a result of the transactions, Hayes Lemmerz increased its interest from 40 percent to 60 percent, while Inci Holding A.S. increased its share from 25 percent to 40 percent.
"We are excited to build on the advantage of an already successful partnership with the Inci Group in Turkey who provide valuable local knowledge of the Middle East market and will provide additional efficiencies for our operation," Bentley added.
The joint venture is expected to eventually produce 1.5 million wheels annually and will start production in early 2006.
Mustafa Zaim, managing director, is responsible for Hayes Lemmerz' Turkish Wheel Operations. He reports directly to Bentley.
Hayes Lemmerz has expanded operations in Mexico, Brazil, Czech Republic and Thailand in the recent past. The company said the operation in Turkey is the next step in building on the recent success of the low cost focus of operations.
For more information about Hayes Lemmerz, go to: www.hayes-lemmerz.com .
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