Accuride Corporation Completes Acquisition of mefro Wheels GmbH
Accuride Corporation (“Accuride” or “the Company”) – a supplier of components to the North American and European commercial vehicle industries – today announced that it has completed its acquisition of mefro wheels GmbH (“Mefro Wheels”), pursuant to the acquisition agreement it announced on June 19, 2017. Terms of the transaction were not disclosed. Headquartered in Solingen, Germany, Mefro Wheels supplies steel wheels to the European and Asian automotive, commercial vehicle and construction and agricultural equipment industries and operates eight manufacturing facilities in Europe and Asia. The closing transaction follows completion of the European merger-clearance process.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180604005311/en/
June 4, 2018 - Accuride completes its acquisition of mefro Wheels GmbH, creating a $1.2 billion global wheel supplier to the commercial vehicle, automotive and offroad equipment markets. (Photo: Business Wire)
“Acquiring Mefro Wheels transforms Accuride into a worldwide industry leader, strongly positioned to supply wheel end system solutions to the global automotive and commercial vehicle industries,” Accuride President and CEO Rick Dauch said. “Combining our two businesses is a game-changing move that extends Accuride’s geographic reach and resources, and significantly builds our capacity to serve global OEM customers. In addition to doubling our core wheel business, we gain immediate positions in the European automotive market and the global off-highway equipment segment, creating multiple paths to generate additional organic growth.”
With the addition of Mefro Wheels, Accuride doubles its core wheels business to become a $1.2 billion global commercial vehicle wheel and wheel-end component supplier employing approximately 5,000 people and operating 16 manufacturing and assembly facilities across eight countries in North America, Europe and Asia. The business transitions to become part of Accuride’s Wheels Europe and Asia business unit under the leadership of its President, Scott Hazlett.
Accuride will implement its proven “Fix & Grow” integration strategy of targeted capital investments and standardized Lean Manufacturing and Quality processes to shift its newly acquired facilities’ operational performance to world-class levels akin to those in the company’s award-winning North American plants. Accuride also will pursue profitable organic growth globally in the new market segments it serves.
Mefro Wheels will rebrand as Accuride, beginning immediately and continuing over the next 12 months. This will extend the once largely North American brand further into the European and Asian commercial vehicle industry. The rebranding also introduces the Accuride corporate brand into the European and Asian passenger car industry and global off-highway segment, including the agricultural, construction and industrial equipment markets. Market-specific product-branding strategies are now in development.
Platform for Global Growth
The addition of Mefro Wheels marks Accuride’s second major acquisition under the ownership of leading New York-based private equity firm Crestview Partners, which acquired Accuride in November 2016 as a growth platform in the global commercial vehicle components sector. Accuride took the first step in that growth plan in May 2017 by acquiring global commercial vehicle wheel and wheel-end supplier KIC, based in Vancouver, Washington.
About Mefro Wheels
Acquired by Accuride Corporation in June 2018, Mefro Wheels is a Solingen, Germany-based manufacturer and supplier of steel wheels for the global commercial vehicle, off-road and automotive industries. The privately-owned company’s on-highway business supplies steel wheels for commercial vehicles – including trucks, buses, truck trailers, and light commercial vehicles – as well as for passenger cars and utility trailers. Its off-road business primarily supplies wheels for agricultural and construction equipment. Founded in 1991, Mefro Wheels employs about 3,000 people and operates three manufacturing plants in Germany, two in Russia and one each in France, Turkey and China. With its acquisition by Accuride, Mefro Wheels becomes part of the Accuride Wheels Europe and Asia business unit.
About Accuride Corporation
With world headquarters in Evansville, Ind., USA, Accuride Corporation is a supplier of wheel end systems to the global commercial vehicle industry. The company’s products include commercial vehicle wheels and wheel-end components and assemblies; and steel wheels for the European automotive and global agricultural and construction equipment markets. The company’s products are marketed under its brand names, which include Accuride®, Accuride Wheel End Solutions™, Gunite®, KIC®, Kronprinz™ and Südrad™. Accuride is a portfolio company of Crestview Partners. For more information: www.AccurideCorp.com.
Timothy G. Weir, APR
Director, Communications & Government Relations
812-430-6038 | firstname.lastname@example.org
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Keihin Switches to Rimini Street Support for Oracle EBS20.6.2018 23:00 | Pressemelding
Rimini Street, Inc., (Nasdaq: RMNI), a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, today announced that Keihin Corporation, a leading Japanese automotive parts manufacturer, has switched to Rimini Street support for its Oracle E-Business Suite (EBS) system. By switching to Rimini Street, Keihin now receives a more comprehensive, responsive service for its Oracle EBS application and support for its custom, add-on code for a guaranteed minimum of 15 additional years from the date they switched, with no required upgrade to remain supported. In addition to receiving vastly improved service, Keihin also immediately realized savings of 50 percent in annual support fees. This cost savings of several tens of millions of yen annually can now be reinvested into more important initiatives in the IT organization, such as the development of a future cloud environment. This press release features mul
Results of MSCI 2018 Market Classification Review20.6.2018 22:08 | Pressemelding
MSCI Inc. (NYSE:MSCI), a leading provider of indexes and portfolio construction and risk management tools and services for global investors, announced today that beginning in June 2019, it will include the MSCI Saudi Arabia Index in the MSCI Emerging Markets Index, the MSCI ACWI Index, and other global and regional indexes as applicable. This decision follows the implementation in the Saudi Arabia equity market of a number of regulatory and operational enhancements which effectively increased the opening of the market to international institutional investors. The proposal for inclusion received the support of the vast majority of international institutional investors that participated in the consultation. MSCI will include the MSCI Saudi Arabia Index in the MSCI Emerging Markets Index, representing on a pro forma basis a weight of approximately 2.6% of the index with 32 securities, following a two-step inclusion process. The first inclusion step will coincide with the May 2019 Semi-Ann
Quanergy Solid State LiDAR Wins Juniper Research Top Automotive Award20.6.2018 20:46 | Pressemelding
Quanergy Systems, Inc., a global leader in the design and development of solid state LiDAR sensors and smart sensing solutions, today announced that its innovative LiDAR sensors have been selected as Best Consumer Product in Automotive and Telematics by Juniper Research in its annual Future Digital Awards for Technology and Innovation. Audi's AI Traffic Jam Pilot was named runner-up in the same category. The Future Digital Awards are awarded to companies that have made outstanding contributions to their industry and who are positioned to make a significant impact in the future. “Juniper’s Future Digital Award is a testament to the hard work our team has put into developing the world’s most affordable and most reliable LiDAR technology and products,” said Dr. Louay Eldada, CEO and co-founder of Quanergy. “With momentous strides made in the autonomous vehicle space, Quanergy continues to deliver innovative solutions, including our S3 solid state LiDAR sensor, that will enable self-drivin
Cushman & Wakefield Files Registration Statement for Proposed Initial Public Offering20.6.2018 17:20 | Pressemelding
Cushman & Wakefield today announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC and UBS Investment Bank will serve as joint book-running managers and representatives of the underwriters for the offering. Barclays Capital Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and William Blair & Company, L.L.C. will also serve as joint book-running managers for the offering. The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, J.P. Mor
Emirati Businessman and Philanthropist Abdul Aziz Al Ghurair Establishes an Education Fund for Arab Refugee Children & Youth From Countries Affected by Wars and Disasters20.6.2018 17:15 | Pressemelding
On World Refugee Day, Abdul Aziz Al Ghurair, Emirati businessman and philanthropist, announced the Abdul Aziz Al Ghurair Refugee Education Fund, a new 100M AED initiative to benefit 5,000 children and youth over 3 years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180620006060/en/ His Excellency Abdul Aziz Al Ghurair, Emirati businessman and philanthropist (Photo: AETOSWire) Abdul Aziz Al Ghurair said: “I established this fund because I believe that philanthropists have a role in helping to address one of the most acute challenges of our region: lack of education opportunities for young people who need it the most.” The Fund will award grants to support secondary, vocational and tertiary education programs for refugee youth in Jordan and Lebanon. It will also support children of families who due to wars and disasters in their home countries, temporarily reside in the UAE but are unable to afford school fees. The first rou
Bentley Systems Acquires Synchro Software to Extend Digital Workflows for Infrastructure Project Delivery Through 4D Construction Modeling20.6.2018 15:10 | Pressemelding
Bentley Systems, Incorporated, a leading global provider of comprehensive software solutions for advancing infrastructure, today announced the acquisition of Synchro Software, headquartered in London, leader (and the market creator) in 4D construction modeling software, for scheduling and project management. Synchro, “construction’s time machine,” has been globally adopted, in particular, for building and civil infrastructure projects. The acquisition broadens Bentley’s ProjectWise construction offerings—which already include ConstructSim, the leader for 4D construction modeling in project delivery of industrial plants. With construction project management in 4D, benefits of BIM can extend throughout infrastructure project delivery and asset lifecycles, as traditionally disconnected workflows become digital workflows. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180620005867/en/ Synchro 4D construction modeling of Crossrai