The Northville, Mich.-based auto parts manufacturing company started to mull its strategic alternatives back in December of last year. In August, Mergers & Acquisitions reported that Hayes Lemmerz International officially went on the auction block. Sources believed that a Chinese strategic would end up as the buyer but the winner turned out to be the subsidiary of Iochpe-Maxion S.A., Iochpe Holdings. The Brazilian-based holding company will buy Hayes for approximately $725 million in cash.

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