EVANSVILLE, Ind. (Nov. 12, 2015) — Wheel maker Accuride Corp. has acquired a majority stake in Italian steel wheel maker Gianetti Ruote S.r.l., providing Accuride with access to many of Europe's leading commercial vehicle producers.
Evansville-based Accuride said it will invest $21 million over 36 months to improve Gianetti's manufacturing in exchange for its majority equity position, which it is acquiring from the MW Italia wheels division of CLN S.p.A. of Turin, Italy. The parties did not disclose the size of the ownership stake changing hands.
For the nine-month period ended Sept. 30, Gianetti generated net sales of $28.7 million with an adjusted pre-tax operating loss of $2.2 million.
“Acquiring a majority stake in Gianetti Ruote establishes Accuride as a tier-one wheel supplier to Europe's leading commercial vehicle OEMs,” Accuride President and CEO Rick Dauch said.
“The partnership enables us to strengthen relationships with our global OEM customers by serving their needs in Europe, build closer ties to key regional OEMs and grow Gianetti's business. We will improve the competitiveness and profitability of the business by combining select strategic investments with our rigorous quality and lean manufacturing systems to help the Gianetti wheel-production facility achieve world-class levels of quality and operational excellence.”