Accuride announced Monday it has completed its acquisition of KIC and certain of its affiliated entities, pursuant to the acquisition agreement first announced on April 26, 2017. Terms of the transaction were not disclosed.
“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,” says Rick Dauch, Accuride president and CEO. “Over the next 60 to 90 days, the Accuride and KIC leadership teams will work closely together to further develop and finalize our plan to maximize the synergies between our highly complementary businesses.”
With the closing of the transaction, Dauch continues to lead the company. KIC President John Schneider, KIC COO Omar Fakhoury and Gunite President Gregory Risch will be responsible for executing the company’s plan to integrate KIC and Gunite, reporting to Dauch.
KIC co-founder Greg Hatton joins the Accuride Board of Directors, effective May 1, and will assist with integration activities, the company says.
