Accuride Acquires Majority Stake in Gianetti Ruote S.r.l.
November 03 2015 - 8:42AM
Business Wire
- Advances Accuride’s strategy to supply
wheels globally
- Gianetti produces steel wheels for
Europe’s leading commercial vehicle OEMs
Accuride Corporation (NYSE: ACW) – a leading supplier of
components to the global commercial vehicle industry – and CLN
Group, a leading supplier of steel and metal-formed components and
assemblies to the global automotive industry, today announced that
Accuride has acquired a majority stake in steel wheel manufacturer
Gianetti Ruote S.r.l. from the MW Italia wheels division of CLN
S.p.A. CLN, through MW Italia, will retain a minority interest in
the business. The partnership – which gives Accuride immediate
long-term supply contracts with key global OEM customers in Europe
– advances Accuride’s strategy to become a leading wheel supplier
to the global commercial vehicle industry. The business will retain
its headquarters and principal manufacturing and engineering
facility in Ceriano Laghetto near Milan, Italy. Accuride has agreed
to invest €19.75 million over the next 36 months to improve
Gianetti’s manufacturing operations in exchange for its majority
equity position. For the nine month period ended September 30,
2015, Gianetti generated net sales and Adjusted EBITDA were $28.7
million and $(2.2) million, respectively.
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“Acquiring a majority stake in Gianetti Ruote establishes
Accuride as a tier-one wheel supplier to Europe’s leading
commercial vehicle OEMs,” Accuride President and CEO Rick Dauch
said. “The partnership enables us to strengthen relationships with
our global OEM customers by serving their needs in Europe, build
closer ties to key regional OEMs and grow Gianetti’s business. We
will improve the competitiveness and profitability of the business
by combining select strategic investments with our rigorous quality
and lean manufacturing systems to help the Gianetti
wheel-production facility achieve world-class levels of quality and
operational excellence.”
“I believe that our agreement with Accuride will prove to be an
extraordinary opportunity for Gianetti to be not only a European
player, but a global one,” said Gabriele Perris Magnetto, CEO of
CLN S.p.A. “Gianetti’s strong product design expertise will be
exported globally, thus reinforcing its product leadership in the
new venture.”
Accuride Wheels Global Strategy
Gianetti Ruote becomes part of Accuride’s expanded global Wheels
business unit under the continued leadership of Scott Hazlett,
Senior Vice President, Operations. Gianetti Ruote provides Accuride
with immediate technology and manufacturing resources, as well as
geographic reach in the European market and beyond.
“Accuride will continue Gianetti’s proud tradition of supplying
best-in-class steel wheel products by strengthening its capable
engineering resources and manufacturing assets,” said Accuride’s
Scott Hazlett. “As partners, Accuride and CLN will leverage
Gianetti’s advanced wheel technologies to meet our customers’
current and future vehicle program requirements.”
About Gianetti Ruote S.r.l.
One of Europe’s longest-standing, leading producers of
commercial steel wheels, Gianetti Ruote S.r.l. originated in 1880
as a manufacturer of wheels for agricultural equipment. In the
1920s, it began producing wheels for automobiles and commercial
trucks in addition to its agricultural offerings. The company
initiated a globalization strategy in the 1930s, obtaining the
license to produce steel truck rims from Firestone Steel Products,
and cast-steel spoke wheels from Dayton Steel Foundry, both of the
United States. Today, Gianetti supplies steel wheels to Europe’s
leading manufacturers of commercial vehicle equipment, including
trucks, buses and trailers. Its manufacturing and engineering
center is located in Ceriano Laghetto (near Milan), Italy.
About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation
is a leading supplier of components to the global commercial
vehicle industry. The company’s products include commercial vehicle
and motorcycle wheels; wheel-end components and assemblies; and
specialty cast-iron components for a range of agricultural,
construction and mining, and oil and gas equipment applications.
The company’s products are marketed under its brand names, which
include Accuride®, Accuride Wheel End SolutionsTM, Gunite®,
Gianetti RuoteTM and BrillionTM. Accuride’s common stock trades on
the New York Stock Exchange under the ticker symbol ACW. For more
information, visit the Company’s website at
http://www.accuridecorp.com.
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Accuride CorporationMEDIA RELATIONS CONTACT:Timothy G.
Weir, APRDirector of Public Affairs, Communications &
Marketing812-962-5128tweir@accuridecorp.comorINVESTOR RELATIONS
CONTACTTodd TaylorVice President and
Treasurer812-962-5105ttaylor@accuridecorp.comorCLN Group Media
ContactPaola Picco | Communications, CLN spaEmail
p.picco@gruppocln.com
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