8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

April 10, 2008 (April 10, 2008)

Date of Report (Date of earliest event reported)

Hayes Lemmerz International, Inc.

(Exact name of registrant as specified in its charter)

Delaware	000-50303	32-0072578
(State or other jurisdiction of	(Commission File	(I.R.S. Employer
incorporation or organization)	Number)	Identification No.)

15300 Centennial Drive, Northville, Michigan 48167

(Address of principal executive offices)     (Zip Code)

(734) 737-5000

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. Results of Operations and Financial Condition.

On April 10, 2008, Hayes Lemmerz International, Inc. (the “Company”) issued a press release announcing its earnings for the three months and fiscal year ended January 31, 2008 and that it will hold a conference call to discuss such earnings. The press release and the text of the slide presentation to be used by the Company in connection with the conference call are attached as Exhibits 99.1 and 99.2, respectively. The press release and slide presentation include certain non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures, please refer to pages 33, 34 and 35 of Exhibit 99.2.

The information contained in this report and in Exhibits 99.1 and 99.2 are not filed for purposes of the Securities Exchange Act of 1934 and are not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent the Company specifically incorporates the information by reference. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

The information contained herein is summary information that is intended to be considered in the context of the Company’s SEC filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as it believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosures.

ITEM 7.01. Regulation FD Disclosure.

See Item 2.02 above.

ITEM 9.01. Financial Statements and Exhibits.

(c) Exhibits.

See Exhibit Index.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HAYES LEMMERZ INTERNATIONAL, INC.
By:	/s/ Patrick C. Cauley
	Patrick C. Cauley
	Vice President, General Counsel and Secretary

Dated: April 10, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Issued by Hayes Lemmerz International, Inc. on April 10, 2008.
99.2	Text of Slide Presentation of Hayes Lemmerz International, Inc. used in connection with the Company’s fiscal year ended January 31, 2008 conference call.

EX-99.1

EXHIBIT 99.1

Hayes Lemmerz Reports 18% Sales Gain, 23% Higher Adjusted EBITDA, Nearly Double Core Operating Earnings, and Improved Free Cash Flow and Liquidity for 2007

Fiscal Fourth Quarter Results Also Improved Significantly Versus Year Earlier Quarter

NORTHVILLE, Mich., April 10, 2008 — Hayes Lemmerz International, Inc. (Nasdaq: HAYZ) today reported substantially higher sales, Adjusted EBITDA, core operating earnings, free cash flow, and liquidity for the 2007 fiscal year ended January 31, 2008. Fourth quarter results also showed similar improvement compared with the year earlier quarter.

“Hayes Lemmerz made great progress in fiscal 2007 despite difficult market conditions,” said Curtis J. Clawson, President, CEO and Chairman of the Board. “We extended our global lead in wheel manufacturing and further diversified our customer and geographic bases to better insulate us from market downturns. Additionally, we met our revenue, Adjusted EBITDA and free cash flow guidance to the investment community.”

“By restructuring our balance sheet through a successful equity rights offering and divesting non-core assets, we were able to make key capital investments that more sharply focused us on our core wheel business. We believe those strategic initiatives, combined with continuing operational improvements, position us for further growth in 2008,” he said.

Annual Results

For the 2007 fiscal year, the Company reported sales of $2.13 billion, up $330 million or 18.3% from $1.80 billion a year earlier. Adjusted EBITDA for the year was $192 million, up $35.6 million or 23% from the prior year. Core operating earnings were $72.7 million, almost double the $37.3 million for the prior year. The Company reported a net loss for the fiscal year of $194.4 million, compared with a net loss of $166.9 million in the prior year. The fiscal 2007 loss included $85.5 million of asset impairment charges, compared with $32.8 million of such charges in fiscal 2006. Excluding asset impairment and restructuring charges, the net loss was $108.9 million, an improvement of $25.2 million from $134.1 million in the prior fiscal year.

Hayes Lemmerz also significantly strengthened its balance sheet and liquidity during fiscal 2007. Cash from operations, excluding the impact of the Company’s accounts receivable financing programs, rose to $138.4 million, compared with $31.3 million a year earlier. Liquidity was $300 million at year end, an increase of $171 million or 133% over the prior year.

Free cash flow, excluding the impact of accounts receivable financing programs, was a positive $38.3 million compared with a negative $28.9 million a year earlier, an

improvement of $67.2 million.

Capital expenditures rose to $102.4 million in fiscal year 2007 (primarily due to expansion programs to drive growth in sales and earnings, with some impact from foreign exchange rates) compared with $70.4 million a year earlier.

“The Company’s geographic, customer and platform diversification efforts have been successful; Hayes Lemmerz now supplies wheels for more than 200 light vehicle platforms worldwide,” Mr. Clawson said. He noted that no single platform accounts for more than 4% of total revenue, and that the Company’s geographic, customer, and platform diversity helped to offset softness in the North American automotive market during the fiscal year and is expected to continue to do so. “We have invested most heavily in markets that are expected to show the strongest growth in the next two years, including India, the Czech Republic, Thailand, Turkey and Brazil,” he said.

“In fiscal 2004, we had sales of $1.4 billion from our Automotive Wheels segment, 31% of which were in the United States. By fiscal 2007, our Automotive Wheels segment had grown 50% to $2.1 billion, with sales in the United States accounting for only 19%,” Mr. Clawson said.

Fourth Quarter Results

For the 2007 fiscal fourth quarter ended January 31, 2008, Hayes Lemmerz reported sales of $529 million, up $87 million or 19.6% from $442 million a year earlier. Adjusted EBITDA for the fourth quarter improved to $40.3 million, a gain of $3.5 million or 9.5% over the year earlier quarter. Core operating earnings for the quarter were $11.0 million, compared with $6.7 million a year earlier. The net loss for the quarter improved to $29.3 million from $62.8 million a year earlier. Free cash flow for the quarter, excluding the Company’s accounts receivable financing programs, which were not used during the quarter, was $29.9 million, compared with an outflow of $27.6 million a year earlier, an improvement of $57.5 million.

Fiscal 2008 Outlook

The Company expects fiscal 2008 sales of $2.1 billion to $2.3 billion, Adjusted EBITDA of $205 million to $220 million, positive free cash flow, and capital expenditures of $95 million to $105 million.

Use of Non-GAAP Financial Information

EBITDA, a measure used by management to measure operating performance, is defined as earnings from operations plus depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude asset impairment losses and other restructuring charges, reorganization items and other items. Management references these non-GAAP financial measures frequently in its decision making because they provide supplemental information that facilitates internal comparisons to

historical operating performance of prior periods and external comparisons to competitors’ historical operating performance. Institutional investors generally look to Adjusted EBITDA in measuring performance, among other things. The Company uses Adjusted EBITDA to facilitate quantification of planned business activities and enhance subsequent follow-up with comparisons of actual to planned Adjusted EBITDA. Free cash flow is defined as cash from operating activities minus capital expenditures plus cash from the sale of assets. Management uses free cash flow to identify the amount of cash available to meet debt amortization requirements, pay dividends to stockholders or make corporate investments. Core operating earnings is defined as earnings from operations less asset impairments and restructuring charges, post-emergence chapter 11 related costs, gains and losses on sales of assets, and other special items that are of an infrequent or unusual nature. Core operating earnings is used by management as a non-GAAP financial measure because it is more indicative of operating performance due to exclusion of non-operating, infrequent, or unusual items.

For a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures, please refer to pages 33-35 of the slide presentation accompanying the conference call.

Conference Call

Hayes Lemmerz will host a telephone conference call to discuss the Company’s fiscal 2007 year end financial results on Thursday, April 10, 2008, at 10:00 a.m. (ET).

To participate by phone, please dial 10 minutes prior to the call:

(888) 295-5935 from the United States and Canada
(706) 758-0212 from outside the United States and Canada

Callers should ask to be connected to the Hayes Lemmerz earnings conference call, Conference ID# 33146021.

The conference call will be accompanied by a slide presentation, which can be accessed that morning through the Company’s web site, in the Investor Relations section at http://www.hayes-lemmerz.com/Investor_Relations.html.

A replay of the call will be available from 1:00 p.m. (ET), April 10, 2008, until 11:59 p.m. (ET), April 20, 2008, by calling (800) 642-1687 (within the United States and Canada) or (706) 645-9291 (for international calls). Please refer to Conference ID# 33146021.

An audio replay of the call is expected to be available on the Company’s website beginning 48 hours after completion of the call.

Hayes Lemmerz International, Inc. is a world leading global supplier of automotive and commercial highway wheels and powertrain components. The Company has 24 facilities and over 7,000 employees worldwide.

Forward Looking Statements

This press release contains forward-looking statements with respect to our financial condition and business. All statements other than statements of historical fact made in this press release are forward-looking. Such forward- looking statements include, among others, those statements including the words “expect,” “anticipate,” “intend,” “believe,” and similar language. These forward-looking statements involve certain risks and uncertainties. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others: (1) competitive pressure in our industry; (2) fluctuations in the price of steel, aluminum, and other raw materials; (3) changes in general economic conditions; (4) our dependence on the automotive industry (which has historically been cyclical) and on a small number of major customers for the majority of our sales; (5) pricing pressure from automotive industry customers and the potential for re-sourcing of business to lower-cost providers; (6) changes in the financial markets or our debt ratings affecting our financial structure and our cost of capital and borrowed money; (7) the uncertainties inherent in international operations and foreign currency fluctuations; and (8) the risks described in our most recent Annual Report on Form 10-K and our periodic statements filed with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release.

Contact: Marika P. Diamond, Hayes Lemmerz International, Inc., 734.737.5162

HAYES LEMMERZ INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions of dollars)
(Unaudited)

	Twelve Months, Year Ending
	January 31, 2008			January 31, 2007			January 31, 2006
Net sales	$	2,126.7		$	1,796.8		$	1,726.2
Cost of goods sold		1,917.7			1,637.8			1,584.5
Gross profit		209.0			159.0			141.7
Marketing, general and administration		153.5			125.3			123.1
Amortization of intangibles		10.2			10.2			13.1
Asset impairments and other restructuring charges		85.5			32.8			23.1
Goodwill Impairment		—			—			185.5
Other (income) expense, net		(1.5	)		(13.8	)		(4.8	)
(Loss) earnings from operations		(38.7	)		4.5			(198.3	)
Interest expense, net		62.2			75.2			64.1
Other non-operating expense		8.5			—			0.8
Loss on early extinguishment of debt		21.5			—			—
Loss before income taxes and minority interest		(130.9	)		(70.7	)		(263.2	)
Income tax expense		29.9			40.2			5.4
Loss before minority interest		(160.8	)		(110.9	)		(268.6	)
Minority interest		21.0			10.6			7.8
Loss from continuing operations		(181.8	)		(121.5	)		(276.4	)
Loss from discontinued operations		(12.6	)		(45.4	)		(181.1	)
Net loss		(194.4	)		(166.9	)		(457.5	)
Loss per common share data
Basic and diluted:
Loss from continuing operations	$	(2.25	)	$	(3.16	)	$	(7.28	)
Loss from discontinued operations		(0.16	)		(1.19	)		(4.78	)
Net loss	$	(2.41	)	$	(4.35	)	$	(12.06	)
Weighted average shares outstanding (in millions)		80.6			38.4			37.9

HAYES LEMMERZ INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
(Unaudited)

	Actual			Actual
	January 31, 2008			January 31, 2007
ASSETS
Current assets:
Cash and cash equivalents	$	160.2		$	38.5
Receivables		305.6			230.7
Other Receivables		48.3			43.2
Inventories		179.1			156.4
Assets held for sale		21.4			165.0
Prepaid expenses and other		12.2			14.6
Total current assets		726.8			648.4
Property, and plant equipment, net		616.8			627.7
Goodwill, intangibles and other long term assets		462.3			415.1
Total assets	$	1,805.9		$	1,691.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Bank borrowings and other notes	$	32.9		$	27.9
Current portion of long-term debt		4.8			5.6
Accounts payable and other accrued liabilities		372.0			236.3
Liabilities held for sale		8.2			58.5
Other Short Term Liabilities		138.0			115.6
Total current liabilities		555.9			443.9
Long-term debt, net of current portion		572.2			659.4
Pension and other long-term liabilities		405.0			430.0
Minority interest		70.5			56.1
Stockholders’ equity:
Common stock, par value $0.01 per share		1.0			0.4
Additional paid in capital		882.0			678.6
Retained earnings		(928.7	)		(733.6	)
Accumulated other comprehensive income		248.0			156.4
Total stockholders’ equity		202.3			101.8
Total liabilities and stockholders’ equity	$	1,805.9		$	1,691.2

HAYES LEMMERZ INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
(Unaudited)

	Twelve Months, Year Ending
	January 31, 2008			January 31, 2007			January 31, 2006
Cash provided by operating activities	$	107.7		$	70.7		$	(44.2	)
Cash flows from investing activities:
Purchase of property, plant, equipment and tooling		(102.4	)		(70.4	)		(86.4	)
Purchase of business, net of cash acquired		0.0			0.0			(1.4	)
Proceeds from sale of assets		2.3			10.2			15.8
Capital contribution by minority shareholders		0.0			0.4			0.0
Cash used for investing activities		(100.1	)		(59.8	)		(72.0	)
Cash flows from financing activities:
Changes in bank borrowings and credit facility		1.2			1.6			23.7
Bank finance fees paid		(14.8	)		(4.0	)		(5.2	)
Repayment/Proceeds from long term debt		(135.5	)		(20.9	)		44.7
Dividends paid to minority shareholders		(11.8	)		(3.9	)		(3.6	)
Net Proceeds from issuance of common stock		185.4			0.0			0.0
Call premium on redemption of Senior Notes		(9.0	)		0.0			0.0
Cash provided by (used for) financing activities		15.5			(27.2	)		59.6
Net cash provided by discontinued operations		92.4			9.9			66.4
Effect of exchange rate changes on cash and cash equivalents		6.2			2.4			(2.5	)
Increase in cash and cash equivalents		121.7			(4.0	)		7.3
Cash and cash equivalents at beginning of period		38.5			42.5			35.2
Cash and cash equivalents at end of period	$	160.2		$	38.5		$	42.5

EX-99.2

EXHIBIT 99.2

2007 Earnings Presentation April 10, 2008

Forward Looking Statements This presentation contains forward-looking statements with respect to our financial condition and business. All statements other than statements of historical fact made in this press release are forward-looking. Such forward-looking statements include, among others, those statements including the words "expect," "anticipate," "intend," believe," and similar language. These forward-looking statements involve certain risks and uncertainties. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others: (1) competitive pressure in our industry; (2) fluctuations in the price of steel, aluminum, and other raw materials; (3) changes in general economic conditions; (4) our dependence on the automotive industry (which has historically been cyclical) and on a small number of major customers for the majority of our sales; (5) pricing pressure from automotive industry customers and the potential for re-sourcing of business to lower-cost providers; (6) changes in the financial markets or our debt ratings affecting our financial structure and our cost of capital and borrowed money; (7) the uncertainties inherent in international operations and foreign currency fluctuations; and (8) the risks described in our most recent Annual Report on Form 10-K and our periodic statements filed with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward- looking statements, which speak only as of the date of this presentation.

Agenda Company Overview & Highlights Curt Clawson, President, CEO & Chairman of the Board Fred Bentley, Chief Operating Officer Financial Review Jim Yost, Executive Vice President & CFO

BE A PREMIER AUTOMOTIVE SUPPLIER Be the lowest cost producer Have the best people in the industry Grow through maximizing our customer satisfaction Our Vision

Short-Term Execution Goals for 2007 Execute operating plan Restructuring Extend the lead in Global Wheels Positive free cash flow Status1 1 Status: green = achieved; yellow = in progress, on track; red = not on track

Execute Operating Plan 2007 Financial Highlights 2007 2006 YTD 192 156.49 2007 2006 YTD 72.7 37.3 2007 2006 YTD 38.3 -28.9 2006 2007 Sales 2007 2006 YTD 2126.7 1796.8 Adjusted EBITDA ($ in millions) Core Operating Earnings1 Free Cash Flow (Excl. A/R Programs) Liquidity 2006 2006 2006 2006 2007 2007 2007 2007 2007 2006 YTD 300 129 18% 133% $67M 95% 23% 1 Please refer to the appendix for the definition of core operating earnings.

2005 2006 2007 East 1726 1797 2126.7 Execute Operating Plan Strategic Growth Investments Paying Off ($ in millions) Adjusted EBITDA growth of 38% since 2005 Sales 2005 2006 2007 East 139.2 156.49 192 Adj. EBITDA 38% ($ in millions) 23% Wheel volume growth from 53M to 59M units 2005 to 2007 unit volume increases in growth areas: Turkey 49% India 34% Czech 26% Thailand 19% Brazil 7% Investment strategy working as reflected by Adjusted EBITDA growth

Restructuring 2007 Actions Sold aluminum suspension components business to DMI on February 14 Completed equity rights offering and refinancing on May 30 Sold MGG subsidiary to ECF Group on June 29 Sold Wabash, Indiana powertrain facility to Harvey Industries on July 5 Sold automotive brake business to Brembo on November 9 2007 restructuring plan successfully implemented

Restructuring Liquidity Liquidity improvement of $171M 1/31/2007 1/31/2008 A/R Securitization 11 16 Credit Revolver 79 124 Cash Balance 39 160 ($ in millions) $129 $300 Cash Balance Up $121M Credit Revolver Up $45M

Extend the Lead in Global Wheels Growing in the Right Regions Strong market increases projected from 2007 to 2009 in our growth regions* India - 62% Czech - 8% Thailand - 15% Turkey - 20% Brazil - 16% Steel Aluminum License Agreement Geographic and product diversity continues * Note: Market projections from CSM 2/08 Mfg. Sites Geographic Coverage Mfg sites - 19 Countries - 12 Wheel production of 59M units in 2007 Global Presence Right Locations

Extend the Lead in Global Wheels Sales by Region 2007 Sales $2.1 Billion USD 2004 Sales $1.4 Billion USD Sales growth in developing markets

Extend the Lead in Global Wheels Production Build Outlook Hayes is positioned well in both established and growth regions Source: Lt Vehicle CSM 2/08, Commercial JDPower 3/08 Overall growth in light vehicle production is 5.5M vehicles or 22M wheels in 2 years Emerging markets growing at 27% from 2007 to 2009 Commercial truck production growing at 11% with strength in most regions Profitability of growth projects contributing more per unit than base business

Extend the Lead in Global Wheels Expansions in Leading-Cost Regions Expansion Project Timing 2007 total capital investment of $102M Growth projects represented about 50% of capital expenditures These expansions will continue to add earnings growth in future years Key markets continuing to grow and offer future opportunities Investments continue in leading-cost/high-growth regions

Extend the Lead in Global Wheels 2007 Top Platforms OEM NAMEPLATE REGION Toyota Hilux/Fortuner SA/Asia Honda Civic EU/SA/NA GM Silverado NA Ford Fusion EU/SA/NA Fiat/GM Corsa/Punto EU Ford Focus EU Nissan Megane/Espace Asia VW Polo/Fabia EU Ford Crown Vic NA GM Astra/Zafira EU/SA/NA Ford Freelander EU VW Golf/Octavia EU PSA Partner/Berlingo EU Ford Transit EU Ford F Series NA Diverse product portfolio - over 200 platforms worldwide SA = South America; EU = Europe; NA = North America No platform greater than 4% of total revenue Top 15 Platforms % of Sales

Extend the Lead in Global Wheels 2007 Key Business Wins Total 2007 wins of over $430M *SA = South America; EU = Europe; NA = North America

Extend the Lead in Global Wheels 2007 Sales by Customer Global Sales by Customer (12 Manufacturing Countries) Sales to U.S. Domestics* 53% U.S. 30% U.S. 17% U.S. *Ford, GM, Chrysler LLC Diversified customer mix with decreasing reliance on U.S. Domestics

Sales Light Vehicle Steel 768 Light Vehicle Aluminum 746 Commercial Truck/Other 538 Extend the Lead in Global Wheels Sales by Product Segment Balanced product portfolio Segment Customer Geography Reduced variability ($ in millions) 2007 Sales $2.1 Billion

Execute Operating Plan Significant improvement in financials Diversified platform, customer and geographical mix Restructuring Balance sheet restructured at the right time Suspension, MGG, Wabash, and Brakes divestitures Extend Lead in Global Wheels Profitability continues to improve Growing in the right regions with the right products and customers Positive Free Cash Flow Positive in 2007 Cash from Operations driving increase Summary

Financial Review

Fiscal 2007 vs. Fiscal 2006 Financial Summary1 1 Financials have been adjusted to reflect suspension components, MGG, and automotive brakes as discontinued operations. Please see the appendix for the quarterly 2006 and 2007 financials, adjusted to reflect these businesses as discontinued operations. 2 Please refer to the appendix for a reconciliation of this non-GAAP financial measure. 3 Includes discontinued operations ($ in millions)

Fiscal 2007 vs. Fiscal 2006 Change in Net Sales ($ in millions) Sale of Wabash, IN plant Primarily mix

Fiscal 2007 vs. Fiscal 2006 Change in Core Operating Earnings1 ($ in millions) FX ($8M) Incentive Plans ($8M) Volume/price/mix $9M Productivity/Economics/Other $19M FX $15M Depreciation $7M 1 Please refer to the appendix for an explanation of why the Company's management believes this financial measure provides useful information to investors.

1 Please refer to the appendix for an explanation of why the Company's management believes this financial measure provides useful information to investors. Fiscal 2007 vs. Fiscal 2006 Change in Free Cash Flow1 (Excl. A/R Programs) ($ in millions) Continuing expansion in leading-cost/high-growth regions Adjusted EBITDA $34M Working Capital $74M Other ($1M)

Free Cash Flow (Excl. A/R Programs) 2005 2006 2007 FCF -69 -29 38 FCF before Growth Capital -26 6 89 2005 Significant free cash flow improvement since 2005 ($ in millions) 2006 2007

Capital Structure Capital Structure ($ in millions) ($ in millions) No significant debt maturities until 2014 2008 2009 2010 2011-2015 *2008 excludes debt maturity of $29M German A/R program, which we expect to renew annually. *Excludes pre-payments Restructuring improves capital structure and extends maturities Debt Maturities

U.S. Pension ($ in millions) Unfunded Liability Contributions ($ in millions) Expect to have no unfunded liability by fiscal year 2008 Contributions to the U.S. pension plan are expected to be significantly reduced from prior years

2008 Outlook Key Goals Execute 2008 operating plan Continue strategic investment strategy Positive free cash flow Financial Outlook Poised for strong performance in 2008

Appendix

Fiscal 2007 vs. Fiscal 2006 Free Cash Flow ($ in millions)

Non-GAAP Financial Information Adjusted EBITDA ($ in millions)

Non-GAAP Financial Information Core Operating Earnings ($ in millions)

2006 - 2007 Financials by Quarter The following financials have been updated to reflect suspension components, MGG, and automotive brakes as discontinued operations: ($ in millions)

Non-GAAP Financial Measures Adjusted EBITDA: EBITDA, a measure used by management to measure operating performance, is defined as earnings from operations plus depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude asset impairment losses and other restructuring charges, reorganization items and other items. Management references these non-GAAP financial measures frequently in its decision making because they provide supplemental information that facilitates internal comparisons to historical operating performance of prior periods and external comparisons to competitors' historical operating performance. Institutional investors generally look to Adjusted EBITDA in measuring performance, among other things. The Company uses Adjusted EBITDA to facilitate quantification of planned business activities and enhance subsequent follow-up with comparisons of actual to planned Adjusted EBITDA.

Non-GAAP Financial Measures Core Operating Earnings: Core operating earnings is defined as earnings from operations less asset impairments and restructuring charges, post-emergence chapter 11 related costs, gains and losses on sales of assets, and other special items that are of an infrequent or unusual nature. Core operating earnings is used by management as a non-GAAP financial measure because it is more indicative of operating performance due to exclusion of non-operating, infrequent, or unusual items.

Non-GAAP Financial Measures Free Cash Flow: Free cash flow is defined as cash from operating activities minus capital expenditures plus cash from the sale of assets. Free cash flow is used by management as a non- GAAP financial measure because it identifies the amount of cash available to meet principal debt amortization requirements or make corporate investments.