. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . inDustrY neWs
Hayes Lemmerz Completes Bankruptcy Reorganization
Hayes Lemmerz International Inc., Northville, Mich., an-
nounced it has emerged from Chapter 11 reorganization, which it applied for in May. The company reports that its creditors voted in favor
of its plan for reorganization, which was confirmed on Nov. 3 by the U.S. Bankruptcy Court for the District of Delaware. Hayes Lemmerz announced in a press release that its
total consolidated prepetition funded indebtedness of approximately $720 million has been reduced to approxi- mately $240 million. In addition, its legacy retiree medical and pension liabilities in the U.S. of over $250 million are expected to be less than $75 million. In conjunction with its emergence from Chapter 11, Hayes Lemmerz completed its exit financing facility. The facility consists of a new $200 million term loan. “Hayes has continued to win significant new business
throughout the restructuring process, and we are extremely grateful to our customers for their confidence in our future,” said Curtis Clawson, chairman and chief executive officer of the company. “We are comfortable that our exit financing will provide us with the liquidity to fund operating expenses and meet all of our obligations.” Hayes Lemmerz produces aluminum and steel wheels for passenger cars and light trucks and steel wheels for com- mercial trucks and trailers. The company operates 23 facili- ties, including business and sales offices and manufacturing facilities, in 12 countries around the world.
METAL
Diecaster Dynacast to Close Montreal Facility
Dynacast, Charlotte, N.C., recently announced it will
permanently close its Montreal zinc diecasting plant over the next four to six months. According to a company press release, the closing is
intended to alter Dynacast’s global manufacturing foot- print to meet customer demand. The company indicated it reevaluated its global plant capacities and determined the 101,000-sq.-ft. Montreal plant should be shut down. “We have too much capacity in North America,” said
Simon Newman, chief executive officer. “We had to make some difficult decisions to match our production capabilities and the utilization of our facilities with customer demand.” Dynacast said in the press release it recently opened a 64,500-sq.-ft. plant in Dongguan, China. “Our Dongguan plant will focus on producing aluminum
and conventional zinc parts for customers in the top three industrial markets in the area—automotive, consumer elec- tronics and telecommunications,” Newman said. Dynacast maintains facilities in North America, Europe and
the Asia Pacific region. The company supplies products to the automotive, healthcare, telecommunications and consumer electronics markets, among others.
METAL MarCh/aPril 2010 For Design engineers & PurChasers 11
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