Accuride Corporation
American vehicle component manufacturer
From Wikipedia, the free encyclopedia
Accuride Corporation is a diversified manufacturer and supplier of commercial vehicle components in North America. Based in Livonia, Michigan, the company designs, manufactures and markets commercial vehicle components.
 | |
| Company type | Private |
|---|---|
| Founded | 1986 |
| Headquarters | Livonia, Michigan, United States |
Key people | Robin Kendrick, President & CEO |
| Website | www.accuridecorp.com |
- Accuride International (California), an unrelated company, is a manufacturer of drawer slides.
Accuride's brands are Accuride Wheels, Gunite Wheel End Components, and KIC Wheel End Components. Its products include commercial vehicle wheels, wheel-end components and assemblies.
History
Bain Capital founding
Accuride was founded in 1986 in order to acquire the wheel-making division of Firestone Tire & Rubber Company.[1] The purchase was orchestrated by Bain Capital under the direction of Mitt Romney.[2] Accuride's earnings rose 20 percent in the first year under Bain's watch, and the number of plants increased by 16 percent to 1,785.[3][2] The success of the takeover and turnaround quickly put Romney and Bain on the map.[4]
Recession and bankruptcy
In October 2009, the company sought legal protection from its creditors under Chapter 11 bankruptcy rules, and in November 2009 sought court approval to reorganize itself.[1] On 26 February 2010, Accuride emerged from Chapter 11 bankruptcy with a new capital structure.[5]
Acquisition by Crestview Partners
In 2016 Accuride was acquired by Crestview Partners, a New York–based private equity firm for $2.58 per share in cash. As part of the transaction, Accuride announced it sold its Brillion Iron Works subsidiary to Metaldyne Performance Group (MPG) for a total of $14 million.[6]
In October 2024, Accuride again filed for Chapter 11 bankruptcy after it fell victim to a freight industry recession. The company listed liabilities between $500 million to $1 billion.[7]