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Buy Back in Hayes Lemmerz Stock Repurchase Program

Hayes Lemmerz International, one of the world’s leading suppliers of wheels, brakes, powertrain, suspension, structural and other lightweight components to the automotive and commercial highway markets, has announced that its Board of Directors has approved the repurchase of up to an aggregate of $30 million of its outstanding Common Stock. “Based on current market prices, our stock is at a historical low and we believe that the repurchase program is a good investment of available funds,” said Ron Cucuz, Hayes CEO and Chairman of the Board.

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  1. Hayes Lemmerz Receives Ford 2006 World Excellence Award
  2. G-Power Claims World Record on Dunlop Tyres
  3. Alcoa Wheels Selected for Lightweight Lamborghini
  4. Brembo brakes honoured by German magazine for 6th time
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Foundation Of The Next MIRS-Factory In Höchst/Germany

The foundation stone for a MIRS-factory was laid in the presence of Ministerpräsident Koch from the area of Hessen/Germany. Pirelli is investing 100 million Euro to produce about 1.5 million ultra-high-performance tyres by the year 2005. MIRS will create 200 more jobs. In addition to its own investment, Pirelli will receive an additional government grant of about 15 million Euro for meeting special environmental requirements.

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  1. First Pirelli Motorcycle Tyre Produced By The MIRS Process
  2. Redundancies Could Be Voluntary: Pirelli Carlisle
  3. Pirelli Workers in Turkey Demonstrate Against Layoffs
  4. Pirelli ‘Confident’ Burton Jobs Can Be Saved
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Joint Venture Between Michelin And Blue Circle

In the UK, Michelin and cement manufacturer Blue Circle Industries have set up a joint venture company to prepare scrap tyres for burning in BCI’s cement kilns. Called Sapphire Energy Recovery, the company will prepare up to 200,000 tonnes of car and truck tyres a year for burning. BCI aims to make eventual energy savings of £6 million by replacing part of its coal and coke requirements with shredded tyres.

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  1. New Power Plant To Be Installed At Michelin UK Plant
  2. Michelin Development Fund Reaches New Heights
  3. Michelin unveils European Distribution Centre in Stoke-on-Trent
  4. New Vans for Viking
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Law Suit Has Little Chance of Success Say DaimlerChrysler

DaimlerChrysler have said that they regard the nine billion Dollar law suit by its third largest shareholder, the Tracinda Investment Group, as completely unfounded. The lawsuit alleges that DaimlerChrysler have deliberately deceived the US Stock Exchange Control Institution as well as the shareholders. Analysts predict that this law suit has little chance of success. Although Deutsche Bank, the main shareholder of DaimlerChrysler, have demonstratively supported the management, the car manufacturer’s share price went down significantly to 45.85 Euros.

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  1. Continental: Problems With Nafta
  2. Bridgestone Lowers Profit Forecast
  3. BorgWarner Publishes Tender Offer to Beru Shareholders
  4. Michelin Q1 Sales Praised
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