NORTHVILLE, MI -- Hayes Lemmerz International, Inc. has closed on the sale of its Commercial Highway Hub and Drum business to Precision Partners Holding Co. The sale was previously announced on Oct. 20.
The hub and drum business includes its operations in Berea, KY; Chattanooga, TN, and Mexico City, Mexico. This transaction does not include the company's automotive brake business that manufactures brake components for the passenger car and light truck markets.
According to the company, net proceeds from the sale will be used to reduce the principal amount of its Term B loan and a portion will be used to provide Hayes Lemmerz with additional liquidity.
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