EVANSVILLE, Ind. — Accuride Corp. has completed its purchase of Mefro Wheels G.m.b.H., a privately owned supplier of steel wheels to the European and Asian passenger car, light vehicle and commercial vehicle industries.
The acquisition was announced on June 19. Terms of the deal were not disclosed.
Mefro Wheels will be rebranded as Accuride over the next year, extending the once largely North American brand Accuride further into the European and Asian commercial vehicle industry.
Accuride now will enter the European and Asian passenger car industry and global off-highway segment, including the agricultural, construction and industrial equipment markets. Market-specific product-branding strategies are being developed.
"Acquiring Mefro Wheels transforms Accuride into a worldwide industry leader, strongly positioned to supply wheel end system solutions to the global automotive and commercial vehicle industries," Accuride President and CEO Rick Dauch said.
Mr. Dauch said the "game-changing move" extends Accuride's reach and resources, "and significantly builds our capacity to serve global OEM customers," he 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."
Evansville-based Accuride said the addition of Mefro Wheels doubles its core wheels business to become a $1.2 billion global commercial vehicle wheel and wheel-end component supplier, with approximately 5,000 employees. It now operates 16 manufacturing and assembly facilities across eight countries in North America, Europe and Asia.
The business transitions to become part of Accuride's Wheels Europe and Asia business unit under the leadership of its president, Scott Hazlett.
Solingen, Germany-based Mefro Wheels operates three plants in Germany, two in Russia and one each in China, France and Turkey.
Accuride will implement its proven "Fix & Grow" integration strategy of targeted capital investments and standardized lean manufacturing and quality processes at the former Mefro Wheels facilities. Accuride said it also will pursue organic growth globally in the new market segments it serves.
The addition of Mefro Wheels marks Accuride's second major acquisition under the ownership of Crestview Partners, a New York-based private equity firm, which acquired Accuride in November 2016 as a platform for strategic growth in the global commercial vehicle components industry.