Accuride Corporation has announced the completion of its acquisition by funds managed by Crestview Partners, a New York based private equity firm. Accuride’s shareholders adopted the merger agreement at the company’s special meeting of shareholders held on 15 November 2016.
Accuride president and CEO Rick Dauch said: “Today marks the start of a new and exciting chapter for our storied company. As a stand-alone business within Crestview’s portfolio of companies, Accuride will serve as a platform for further growth and consolidation in the global wheels and wheel-end sectors as we continue to deliver world-class operating performance and products for our customers. Our Executive Leadership Team is energised to lead Accuride into this new phase of expansion for our business and look forward to working closely with the Crestview team.”
Alex Rose, partner at Crestview and co-head of the firm’s industrials strategy, commented: “We are impressed by Accuride’s commitment to excellent service and the strong reputation they have built over the course of their history. We believe this acquisition will allow Accuride to focus on long-term initiatives and, in doing so, will grant the company flexibility to improve on its current business model. We look forward to working with the existing management team to support Accuride as it enters this next phase of growth.”
Under the terms of the merger agreement shareholders are entitled to receive US$2.58 in cash per share of the company’s common stock. As a result of the transaction, the Company’s common stock will cease to trade on the New York Stock Exchange prior to the opening of the market on 21 November 2016 and will be delisted. The Company will terminate its registration and reporting obligations with the Securities and Exchange Commission.
Rick Dauch will continue to serve as Accuride’s president and CEO, supported by the other members of the company’s executive leadership team. Accuride will continue to operate under its current brand name and remain headquartered in Evansville, Indiana, US, with operations in the US, Canada, Mexico and Italy.