EVANSVILLE, Ind. – Accuride Corp. has announced it has reached an agreement to acquire wheel-end components supplier KIC.
KIC is based in Vancouver, Wash. The deal is expected to close in the second quarter. Accuride says it will strengthen its wheel-end systems offerings and provide access to new market segments.
“Combining the tremendous strengths of KIC and Accuride will enable us to increase competitiveness and expand into new market segments,” Accuride president and CEO Rick Dauch said. “Our similar product and technology offerings mesh well; while the combination of our highly complementary business models gives us greater capacity and ability to flex up and down in response to industry cycles and customer demand.”
“We at KIC are proud to join Rick and his team at Accuride and are excited about our ability to best serve the trucking industry with our leading technology, engineering and manufacturing footprint,” said KIC chief executive officer Greg Hatton, who will join the Accuride Board of Directors. “The combination of Gunite and KIC will enhance the strengths and cost efficiencies of both companies, allowing us to provide our customers with superior wheel end products and service.”