- Accuride strengthens wheel end systems offering; gains access to new market segments with acquisition
- Transaction expected to close in second quarter of 2017
Accuride Corporation (“Accuride” or “the Company”) – a leading supplier of components to the North American and European commercial vehicle industries – today announced that it has reached an agreement to acquire KIC LLC (“KIC”) and certain of its affiliated entities. KIC, headquartered in Vancouver, Washington, is a leading supplier of wheel end components to the North American commercial vehicle industry.
The addition of KIC marks Accuride’s first acquisition under the supportive ownership of Crestview Partners, a leading New York-based private equity firm. Crestview acquired Accuride in November 2016 as a growth platform in the global commercial vehicle components industry. The transaction is expected to close in the current quarter of 2017.
“Combining the tremendous strengths of KIC and Accuride will enable us to increase competitiveness and expand into new market segments,” Accuride President and CEO Rick Dauch said. “Our similar product and technology offerings mesh well; while the combination of our highly complementary business models gives us greater capacity and ability to flex up and down in response to industry cycles and customer demand.
“We are excited to work with KIC co-founder Greg Hatton and his leadership team to fully leverage the strengths of both KIC and our Gunite business. Together, we will incorporate KIC’s customer service discipline, technology resources and efficient manufacturing and distribution network into our product and service offering to our OEM and Aftermarket customers here in North America, as well as to select global markets.”
“We at KIC are proud to join Rick and his team at Accuride and are excited about our ability to best serve the trucking industry with our leading technology, engineering and manufacturing footprint,“ said Greg Hatton, who will join the Accuride Board of Directors. “The combination of Gunite and KIC will enhance the strengths and cost efficiencies of both companies, allowing us to provide our customers with superior wheel end products and service.”
KIC is a North American supplier of wheel-end components for medium and heavy-duty trucks and trailers. KIC supplies brake drums, rotors, hub and drum assemblies, steel wheels and aluminum wheels to both original equipment manufacturers and aftermarket distributors. KIC designs and tests its own products and partners with contract manufacturers located throughout the world. KIC is headquartered in Vancouver, Wash., and operates through nine distribution centers located in the United States, Canada, and Mexico. For more information, visit KIC’s website at www.kic-group.com.
About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation is a leading supplier of components to the North American and European commercial vehicle industries. The company’s products include commercial vehicle wheels and wheel-end components and assemblies. The company’s products are marketed under its brand names, which include Accuride®, Accuride Wheel End Solutions™, Gunite® and Gianetti Ruote™. Accuride is a portfolio company of Crestview Partners. For more information: www.AccurideCorp.com.