Accuride Corp. Announces Completion Of Acquisition By Crestview Partners

Accuride Corp. Announces Completion Of Acquisition By Crestview Partners

Accuride’s shareholders adopted the merger agreement at the company’s Special Meeting of Shareholders held on Nov. 15.

Accuride Corp. has announced the completion of its acquisition by funds managed by Crestview Partners, a leading New York-based private equity firm, pursuant to the merger agreement it announced on Sept. 2. Accuride’s shareholders adopted the merger agreement at the company’s Special Meeting of Shareholders held on Nov. 15.

accuride-acquisitionAccuride 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 energized to lead Accuride into this new phase of expansion for our business and looks forward to working closely with the Crestview team.”

Alex Rose, partner at Crestview and co-head of the firm’s industrials strategy, said, “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 $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 Nov. 21, 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 will remain headquartered in Evansville, Indiana, with operations in the United States, Canada, Mexico and Italy.

You May Also Like

MPA Reports Strong Financial Results for Fiscal Q3 2024

MPA’s Q3 results showed increases in net sales, operating income and cash flow from operating activities.

Motorcar Parts of America, Inc. released its financial results for the fiscal 2024 third quarter and nine-month period ending December 31, 2023, showcasing increases in net sales, operating income and cash flow from operating activities.

During the fiscal third quarter, net sales surged by 13.2 percent to $171.9 million, accompanied by a substantial improvement in gross margin by 3.7 percentage points. Gross profit increased by 43.1 percent to $30 million, while operating income increased 170.1 percent to $9.5 million. The company generated approximately $53.6 million in cash from operating activities during the quarter, according to MPA's earnings report.

O’Reilly Reports Q4, Full-Year 2023 Financial Results

The company said it anticipates continued growth in 2024, with projections including 190 to 200 net new store openings.

financial results
Valvoline, Inc. Reports Q1 Growth

Valvoline saw an increase in system-wide stores to 1,890, including 895 company-operated stores and 995 franchised stores in Q1.

Valvoline Instant Oil Change building
Eaton Reports Record Q4 2023 Results

Fourth-quarter sales reached $6 billion, an 11% increase from the previous year, driven by organic growth and a slight boost from foreign exchange.

PACCAR Achieves Record Annual Revenues, Net Income

PACCAR Parts reported a record annual pre-tax income of $1.7 billion and revenues of $6.41 billion.

Financial-results

Other Posts

Continental Unveils Strategy for Enhanced Value Creation

Continental is focusing on business areas with high growth potential, including making its UX business organizationally independent.

Conti-HQ
AutoZone Q1 Domestic Same Store Sales Increase 1.2%

The company’s same-store sales showed a 25.1% jump internationally.

Advance Looks to Spin Off Worldpac, Canadian Business

Advance is taking steps to improve its cost structure and return the business to profitable growth, company executives said.

Advance auto parts store
GPC Reports Q3 Results, Updates Full-Year Outlook

Paul Donahue, chairman and CEO, said GPC’s Q3 was highlighted by double-digit earnings growth.