Accuride Acquisition Nearing Completion

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mefro wheels manufactures steel wheels for the commercial vehicle industry. (photo courtesy Accuride) mefro wheels manufactures steel wheels for the commercial vehicle industry. (photo courtesy Accuride)

Evansville-based Accuride Corp. has cleared the final regulatory hurdle in its planned acquisition of a Germany-based steel wheel supplier. The European Commission has approved the acquisition of mefro wheels GmbH, under the condition that Accuride divest one of its subsidiaries.

A spokesperson for Accuride tells Inside INdiana Business the European Commission expressed concerns about what the acquisition would do to the competitiveness of the European commercial vehicle wheel marketplace by reducing the number of competitors from three to two. Accuride decided to sell its Italian subsidiary Gianetti Ruote to resolve the commission's concern, which was approved.

Gianetti Ruote manufactures steel wheels for the commercial vehicle industry. As part of the agreement with the commission, a "Monitoring Trustee" will be appointed to over see the divestiture of Gianetti Ruote to a new owner and ensure the ongoing operation of the company as an "independent, competitive presence in the market."

"We are pleased to obtain the European Commission’s clearance of our mefro wheels acquisition," the company said. "However, our decision to sell Gianetti as a remedy was difficult, since they had become very much a part of Accuride since we acquired a controlling stake in 2015. We’re grateful to the entire Gianetti Ruote team for their dedication and commitment to Accuride and wish them much success under supportive new owners in the future."

With the clearance from the European Commission, Accuride expects the acquisition to close in the second quarter of 2018. While financial terms of the deal are not being disclosed, the company says it will create a $1.2 billion global supplier that employs 5,000 people at 15 manufacturing facilities throughout the world.

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