After nearly a year, Evansville-based Accuride Corp. has completed its acquisition of Germany-based mefro wheels GmbH. Accuride says adding the steel wheel supplier doubles its core wheels business, creating a $1.2 billion global commercial vehicle component supplier.
Financial terms of the deal were not disclosed. The closing of the acquisition follows last month’s approval from the European Commission.
"Combining our two businesses is a game-changing move that extends Accuride’s geographic reach and resources, and significantly builds our capacity to serve global OEM customers," said Rick Dauch, chief executive officer of Accuride, said. "In addition to doubling our core wheel business, we gain immediate positions in the European automotive market and the global off-highway equipment segment, creating multiple paths to generate additional organic growth."
Mefro Wheels will rebrand under the Accuride name, a process that is expected to take 12 months to complete. The company says the move will bring the Accuride brand further into the European and Asian commercial vehicle industry.