Accuride Acquisition Nearing Completion

Posted: Updated:
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 -

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.

  • Perspectives

    • How Well Are You Tracking Your Marketing?

      One of the first metrics business owners learn about is return on investment, or ROI. Earning the highest possible ROI is critical when running a business. You make investments with the expectation that you’ll have something to show for them. So how's the ROI on your investment in marketing and advertising? If you’re like most business owners, your answer is something like "I think it's pretty good" or "things seem to be working."

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Lift Off! Indy-to-Paris Service Begins

      A new chapter in Indiana air connectivity began Thursday as the state's first year-round, nonstop transatlantic air service began. The Delta Air Lines flight left Indianapolis International Airport Thursday evening in what Executive Director Mario Rodriguez calls a "historical moment" for the state. The first Paris-to-Indy flight will arrive Friday afternoon, carrying Governor Eric Holcomb, who has wrapped up a week-long economic development trip in Europe.

    • (photo courtesy Dax Norton)

      Whitestown Again Indiana's Fastest-Growing Community

      The town manager of Whitestown says he is not surprised the town is the fastest-growing community in Indiana for the seventh consecutive year. The Indiana Business Research Center at the Indiana University Kelley School of Business says the Boone County town's population grew 7.6 percent last year. In an interview with Inside INdiana Business, Dax Norton said the commercial, industrial and retail sectors are driving the continued growth in population. Using estimates from the...

    • This is Eli Lilly and Co.'s first appearance on the list.

      Hoosier Companies Among Top For Diversity

      Three Indiana-based companies are included in DiversityInc magazine’s 2018 list of the Top 50 Companies for Diversity. The publication ranks the companies based on the results of a more than 200-question survey, which assesses each company in key areas such as talent pipeline and supplier diversity.

    • No Degree, No Problem: Top Jobs that Don't Require a College Degree

      The professional job market is competitive, with most positions requiring a college degree just to get in the door. However, college is both expensive and a serious time commitment.  Many of those who can’t afford college are still in search of jobs that pay well and can provide a career pathway to a sustainable life. Some of these men and women are skilled at working with their hands and want to apply their craft to something other than an office setting.

    • Medical Device Manufacturer to Close Plainfield Facility

      California-based DJO Global has announced plans to close its facility in Plainfield. In a notice to the state, the medical device manufacturer says it will lay off 70 employees beginning in August before the facility closes at the end of October.