Commercial vehicle parts supplier Accuride has reached an agreement to be acquired by Crestview Partners, a private equity firm, for $2.58 per share in cash.
The agreement includes a customary 35-day “go shop” period in which Accuride can solicit alternative proposals. After the transaction closes, Accuride says it will continue to operate under its current brand name and remain headquartered in Evansville, Ind. President and CEO Rick Dauch and other members of the company’s management will continue to lead the business. This transaction is expected to close in the fourth quarter of 2016.
Additionally, Accuride announced the sale of Brillion Iron Works subsidiary to a subsidiary of Metaldyne Performance Group for $14 million. Brillion specializes in the casting design and production of gray, ductile and austempered ductile iron castings for the commercial vehicle and other industries.
“Today’s action will enable Accuride to focus completely on our strategic vision to be the premier supplier of wheel-end system solutions to the global commercial vehicle industry,” Dauch said.