Company:Accuride Corporation
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| Type | Private |
|---|---|
| Founded | 1986 |
| Headquarters | Livonia, Michigan, United States |
Key people | Robin Kendrick, President & CEO |
| Website | www.accuridecorp.com |
- Accuride International (California), an unrelated company, is a manufacturer of drawer slides.
Accuride Corporation is a diversified manufacturer and supplier of commercial vehicle components in North America. Based in Livonia, Michigan, the company designs, manufactures and markets commercial vehicle components.
Accuride's brands are Accuride Wheels, Gunite Wheel End Components, and KIC Wheel End Components. Its products include commercial vehicle wheels, wheel-end components and assemblies.
History
Bain Capital founding
Accuride was founded in 1986 in order to acquire the wheel-making division of Firestone Tire & Rubber Company.[1] The purchase was orchestrated by Bain Capital under the direction of Mitt Romney. With Bain Capital as its new owners, Accuride revamped production and restructured executive pay, quickly boosting the company's profitability.[2] Accuride's earnings rose 20 percent in the first year under Bain's watch, and the number of plants increased by 16 percent to 1,785.[3] Bain Capital sold the company to a mining conglomerate 18 months later, making approximately $120 million from its $5 million investment.[2] The success of the takeover and turnaround quickly put Romney and Bain on the map.[4]
Recession and bankruptcy
The 2008–2012 recession undermined the global demand for commercial vehicles and freight components, drastically damaging Accuride's profitability.[5] In October 2009, the company sought legal protection from its creditors under Chapter 11 bankruptcy rules, and in November 2009 sought court approval to reorganize itself.[1] On 26 February 2010, Accuride emerged from Chapter 11 bankruptcy with a new capital structure.[6]
Acquisition by Crestview Partners
In 2016 Accuride was acquired by Crestview Partners, a New York–based private equity firm for $2.58 per share in cash. As part of the transaction, Accuride announced it sold its Brillion Iron Works subsidiary to Metaldyne Performance Group (MPG) for a total of $14 million.[7]
Business
The company produces commercial vehicle wheels, wheel-end components and assemblies, and other commercial vehicle components. Accuride markets its products using three brand names: Accuride, Gunite, and KIC.[8][7][9]
References
- ↑ 1.0 1.1 Santosh Nadgir (18 November 2009). "Accuride seeks court approval for Chapter 11 plan". Thomson Reuters. http://uk.reuters.com/article/idUKBNG43969220091118.
- ↑ 2.0 2.1 Wyler, Grace (14 December 2011). "This Is How Mitt Romney Actually Made All His Money". Business Insider. http://articles.businessinsider.com/2011-12-14/politics/30515127_1_mitt-romney-ddi-corp-bain-capital#ixzz1vE4XGDQo.
- ↑ Kranish, Michael and Scott Helman (2012). The Real Romney. HarperCollins. ISBN 9780062123275. https://archive.org/details/realromney00kran.
- ↑ Kranish, Michael and Scott Helman (February 2012). "The Meaning of Mitt". Vanity Fair. http://www.vanityfair.com/politics/2012/02/mitt-romney-201202.
- ↑ Stinnett, Chuck (11 August 2009). "Accuride says bankruptcy is possible". Courier & Press. http://www.courierpress.com/news/2009/aug/11/accuride-says-bankruptcy-possible/.
- ↑ "Accuride Now Out of Bankruptcy". Inside Indiana Business. http://www.insideindianabusiness.com/newsitem.asp?id=40376.
- ↑ 7.0 7.1 "Crestview Partners acquires Accuride". Endeavor Business Media. 15 September 2016. https://www.fleetowner.com/operations/article/21694418/crestview-partners-acquires-accuride.
- ↑ "Accuride Corporation". Accuride. http://www.accuridecorp.com.
- ↑ "Accuride Reaches Agreement To Acquire KIC". Babcox Media. 26 April 2017. https://www.aftermarketnews.com/accuride-reaches-agreement-acquire-kic/.
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