Sale supports Accuride’s focus on its core wheel and wheel-end systems businesses
Accuride Corporation (NYSE:ACW) (“Accuride”) – a leading supplier of components to the North American and European commercial vehicle industries – announced that it has sold its Brillion Iron Works (“Brillion”) subsidiary to a subsidiary of Metaldyne Performance Group Inc. (“MPG”), a leading provider of highly-engineered components for use in powertrain and suspension applications for the global light, commercial and industrial vehicle markets. Under the purchase agreement, MPG has acquired from Accuride all of the stock of Brillion Iron Works, Inc., a Delaware corporation, for total cash consideration of $14 million.
Located in Brillion, Wis., Brillion specializes in the casting design and production of gray, ductile and austempered ductile iron castings for a range of industries, including light vehicle, commercial vehicle, agricultural, construction, oil & gas and mining equipment, among others.
“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,” Accuride President and CEO Rick Dauch said.
BMO Capital Markets acted as the exclusive financial advisor to Accuride on this transaction.
Source: Accuride Corporation