Business & Tech

Brazil's Iochpe-Maxion to acquire Northville Township's Hayes Lemmerz

Northville Township-based company to be acquired in $725 million deal.

Northville Township-based wheelmaker Hayes Lemmerz is set to be acquired by Brazil's Iochpe-Maxion for $725 million, according to Crain's Detroit Business.

According to the article, Iochpe-Maxion will pay $702 million, then assume $23 million in debt.

Hayes Lemmerz has 17 plants around the world, the article said, with the ability to make 63.4 million wheels per year.

Find out what's happening in Northvillefor free with the latest updates from Patch.

The deal is expected to be completed early 2012.

For more, read the report at Crain's Detroit Business.

Find out what's happening in Northvillefor free with the latest updates from Patch.

Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.