11.4 C
Thursday, May 30, 2024

Accuride Acquires KIC

Accuride Acquires KIC

Accuride Corp. said it has reached an agreement to acquire KIC LLC, a supplier of wheel end components based in Vancouver, WA.

Accuride, headquartered in Evansville, IN., manufactures wheels and wheel-end components under several brands including Accuride and Gunite.

“Combining the tremendous strengths of KIC and Accuride will enable us to increase competitiveness and expand into new market segments,” said Accuride President and CEO Rick Dauch.

“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.

The transaction, expected to close during the second quarter, is Accuride’s first under the ownership of Crestview Partners, a New York-based private equity firm.  Crestview acquired Accuride last November.

Accuride said the KIC acquisition will enable it to expand further into new market segments, including Asia. It will also create cost efficiencies through the integration of manufacturing and distribution capacities.

Besides wheel end components, KIC supplies brake drums, rotors, hub and drum assemblies, steel wheels and aluminum wheels to original equipment manufacturers and aftermarket distributors.