ACW Accuride Corp.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

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FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 3, 2015

ACCURIDE CORPORATION

(Exact Name of Registrant as Specified in Charter)

Registrant's telephone number, including area code (812) 962-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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On November 3, 2015, Accuride Corporation ("Accuride") (NYSE: ACW) issued a press release announcing that it has taken a seventy percent (70%) ownership interest in Gianetti Route, S.r.l., an Italian manufacturer of steel wheels for heavy and medium duty commercial vehicles ("Gianetti") in exchange for a commitment to invest €19.75 million over the next 36 months to improve Gianetti's manufacturing operations.  A copy of the press release dated November 3, 2015 issued by Accuride with respect to the investment in Gianetti is furnished herewith as Exhibit 99.1 hereto and incorporated by reference herein.

The information contained in this Item 7.01 and in Exhibits 99.1 and 99.2 is being furnished and not filed for purposes of the Securities Exchange Act of 1934 and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent Accuride specifically incorporates the information by reference. By filing this report on Form 8-K and furnishing this information, Accuride makes no admission as to the materiality of any information in this Item 7.01 that is being disclosed solely by reason of Regulation FD.

The information being furnished pursuant to this Item 7.01 is intended to be considered in the context of Accuride's SEC filings and other public announcements that Accuride may make from time to time, by press release or otherwise. Accuride undertakes no duty or obligation to publicly update or revise the information contained in this report.

Item 9.01.

Financial Statements and Exhibits

99.1	Press release announcing Accuride Corporation's acquisition of a majority stake in Gianetti Ruote S.r.l.

99.2	Text of Slide Presentation used in connection with Accuride Corporation's presentation at the 39th Annual Gabelli & Company Automotive Aftermarket Symposium in Las Vegas, NV.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ACCURIDE CORPORATION

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EXHIBIT INDEX

 

 

(812) 962-5128 | tweir@accuridecorp.com                                                                     (812) 962-5105 | ttaylor@accuridecorp.com

FOR IMMEDIATE RELEASE

Accuride Acquires Majority Stake in Gianetti Ruote S.r.l.

 

·	Advances Accuride's strategy to supply wheels globally

·	Gianetti produces steel wheels for Europe's leading commercial vehicle OEMs

 

EVANSVILLE, Ind., USA and TURIN, Italy – November 3, 2015 – 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.

"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.

 

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"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

 

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