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Accuride International :''Accuride Corporation (Indiana), an unrelated company, is a manufacturer of vehicle wheels.'' Accuride International Inc. is a manufacturer of commercial-grade drawer slides, linear track systems, and electronic locking solutions for cabinetry i ...

(California), an unrelated company, is a manufacturer of drawer slides.'' Accuride Corporation is a diversified manufacturer and supplier of commercial vehicle components in

North America North America is a continent in the Northern Hemisphere, Northern and Western Hemisphere, Western hemispheres. North America is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South Ameri ...

. Based in

Livonia, Michigan Livonia ( ) is a city in Wayne County in the U.S. state of Michigan. A western suburb of Detroit, Livonia is located roughly northwest of downtown Detroit. As of the 2020 census, the city had a population of 95,535. Originally organized as ...

, the company designs, manufactures and markets commercial vehicle components. Accuride's brands are Accuride Wheels, Gunite Wheel End Components, and KIC Wheel End Components. Its products include commercial vehicle wheels, wheel-end components and assemblies.

History

Bain Capital founding

Accuride was founded in 1986 in order to acquire the wheel-making division of

Firestone Tire & Rubber Company Firestone Tire and Rubber Company is an American tire company founded by Harvey S. Firestone (18681938) in 1900 initially to supply solid rubber side-wire tires for fire apparatus, and later, pneumatic tires for wagons, carriages, and other form ...

. The purchase was orchestrated by

Bain Capital Bain Capital, LP is an American Investment company, private investment firm based in Boston, Massachusetts, Boston, Massachusetts, with around $185 billion of assets under management. It specializes in private equity, venture capital, credit, p ...

under the direction of

Mitt Romney Willard Mitt Romney (born March 12, 1947) is an American businessman and retired politician. He served as a United States Senate, United States senator from Utah from 2019 to 2025 and as the 70th governor of Massachusetts from 2003 to 2007 ...

. With Bain Capital as its new owners, Accuride revamped production and restructured executive pay, quickly boosting the company's profitability. Accuride's earnings rose 20 percent in the first year under Bain's watch, and the number of plants increased by 16 percent to 1,785. Bain Capital sold the company to a mining conglomerate 18 months later, making approximately $120 million from its $5 million investment. The success of the takeover and turnaround quickly put Romney and Bain on the map.

Recession and bankruptcy

The

Great Recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.

undermined the global demand for commercial vehicles and freight components, drastically damaging Accuride's profitability. In October 2009, the company sought legal protection from its creditors under

Chapter 11 Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

bankruptcy rules, and in November 2009 sought court approval to reorganize itself. On 26 February 2010, Accuride emerged from Chapter 11 bankruptcy with a new capital structure.

Acquisition by Crestview Partners

In 2016 Accuride was acquired by Crestview Partners, a New York–based private equity firm for $2.58 per share in cash. As part of the transaction, Accuride announced it sold its Brillion Iron Works subsidiary to Metaldyne Performance Group (MPG) for a total of $14 million. In October 2024, Accuride again filed for

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

after it fell victim to a freight industry recession. The company listed liabilities between $500 million to $1 billion.

Business

The company produces commercial vehicle wheels, wheel-end components and assemblies, and other commercial vehicle components. Accuride markets its products using three brand names: Accuride, Gunite, and KIC.

References

{{Authority control Companies listed on the New York Stock Exchange Companies based in Evansville, Indiana 1986 establishments in Indiana Companies that filed for Chapter 11 bankruptcy in 2009 Companies that filed for Chapter 11 bankruptcy in 2024 Bain Capital companies