EVANSVILLE, Ind.--(BUSINESS WIRE)--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 completed its acquisition of KIC LLC (“KIC”) and certain of its affiliated entities, pursuant to the acquisition agreement it announced on April 26, 2017. Terms of the transaction were not disclosed. KIC, headquartered in Vancouver, Wash., is a leading supplier of wheels and wheel end components to the North American commercial vehicle industry.
Accuride President and CEO Rick Dauch said, “Today’s announcement initiates the process of creating a single wheel end system business at Accuride that leverages the tremendous strengths of Gunite and KIC, while maintaining both strong brands. Over the next 60 to 90 days, the Accuride and KIC leadership teams will work closely together to further develop and finalize our plan to maximize the synergies between our highly complementary businesses.”
With the closing of the transaction, Accuride President and CEO Rick Dauch continues to lead the company. KIC President John Schneider, KIC COO Omar Fakhoury and Gunite President Gregory Risch will be responsible for executing the company’s plan to integrate KIC and Gunite, reporting to Rick Dauch. KIC co-founder Greg Hatton joins the Accuride Board of Directors, effective today, and will assist with integration activities.
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: 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®, KIC® and Gianetti Ruote™. Accuride is a portfolio company of Crestview Partners. For more information: www.AccurideCorp.com.