Deal to Take Accuride Private Wraps Up
The $477 million acquisition of Evansville-based Accuride Corp. (NYSE: ACW) is complete. As a result of the deal with New York-based private equity firm Crestview Partners, Accuride will drop off the New York Stock Exchange before trading begins Monday.
The company’s shareholders on Tuesday approved the merger agreement.
Accuride Chief Executive Officer Rick Dauch, who will remain at the helm, says "today marks the start of a new and exciting chapter for our storied company. As a stand-alone business within Crestview’s portfolio of companies, Accuride will serve as a platform for further growth and consolidation in the global wheels and wheel-end sectors as we continue to deliver world-class operating performance and products for our customers. Our Executive Leadership Team is energized to lead Accuride into this new phase of expansion for our business and look forward to working closely with the Crestview team."
Crestview Partners’ portfolio includes businesses in a wide range of industries such as Georgia-based radio conglomerate Cumulus Media and RV dealership and retail giant Camping World/Good Sam Enterprises in Illinois.
Coinciding with its NYSE delisting, Accuride will officially be under private ownership and will no longer be obligated to report with the U.S. Securities and Exchange Commission. It will continue to be headquartered in Vanderburgh County and maintain operations in the United States, Canada, Mexico and Italy.