Accuride Finalizes Acquisition of KIC
Accuride Corp. completed its acquisition of KIC and certain of its affiliated entities, following an agreement announced on April 26, the company said.
Terms of the transaction were not disclosed. KIC, headquartered in Vancouver, Wash., is a supplier of wheels and wheel end components to the North American commercial vehicle industry.
“Today's announcement initiates the process of creating a single wheel end system business at Accuride that leverages the tremendous strengths of Gunite and KIC, while maintaining both strong brands,” Accuride CEO Rick Dauch said in a statement.
Accuride plans to integrate its Gunite brand with KIC’s complementary products, the Evansville, Ind.-based company said.
KIC President John Schneider, KIC Chief Operating Officer Omar Fakhoury and Gunite President Gregory Risch will be responsible for executing the company's plan to integrate the two brands, Accuride said.
