Accuride Corporation

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Accuride Corporation
Type Public (NYSEACW)
Industry Vehicle Components
Founded 1986
Headquarters Evansville, Indiana, USA
Key people Rick Dauch, President & CEO
Revenue $936M FY2011
Employees 2800
Website www.accuridecorp.com
Accuride International (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. Based in Evansville, Indiana, the company designs, manufactures and markets commercial vehicle components.

Accuride’s business units are Accuride Wheels, Gunite Corporation, Imperial Group, and Brillion Iron Works. Its products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle components; and are marketed under brand names including Accuride, Gunite and Brillion.

History[edit]

Bain Capital founding[edit]

Accuride was founded in 1986 in order to acquire the wheel-making division of Firestone Tire & Rubber Company.[1] The purchase was orchestrated by Bain Capital under the direction of Mitt Romney. With Bain Capital as its new owners, Accuride revamped production and restructured executive pay, quickly boosting the company's profitability.[2] 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.[3] Bain Capital sold the company to a mining conglomerate 18 months later, making approximately $120 million from its $5 million investment.[2] The success of the takeover and turnaround quickly put Romney and Bain on the map.[4]

Recession and bankruptcy[edit]

The 2008–2012 recession undermined the global demand for commercial vehicles and freight components, drastically damaging Accuride's profitability.[5] In October 2009, the company sought legal protection from its creditors under Chapter 11 bankruptcy rules, and in November 2009 sought court approval to reorganize itself.[1] On 26 February 2010, Accuride emerged from Chapter 11 bankruptcy with a new capital structure.[6]

Business[edit]

The company produces commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, seating assemblies and other commercial vehicle components. Accuride markets its products using four brand names: Accuride, Gunite, Imperial, and Brillion Iron Works.[7]

References[edit]

  1. ^ a b Santosh Nadgir (18 November 2009). "Accuride seeks court approval for Chapter 11 plan". Thomson Reuters. Retrieved 24 November 2009. 
  2. ^ a b Wyler, Grace (14 December 2011). "This Is How Mitt Romney Actually Made All His Money". Business Insider. Retrieved 18 May 2012. 
  3. ^ Kranish, Michael and Scott Helman (2012). The Real Romney. HarperCollins. 
  4. ^ Kranish, Michael and Scott Helman (February 2012). "The Meaning of Mitt". Vanity Fair. Retrieved 18 May 2012. 
  5. ^ Stinnett, Chuck (11 August 2009). "Accuride says bankruptcy is possible". Courier & Press. Retrieved 18 May 2012. 
  6. ^ "Accuride Now Out of Bankruptcy". Inside Indiana Business. Retrieved 21 February 2012. 
  7. ^ "Accuride Corporation". Accuride. Archived from the original on 18 December 2008. Retrieved 2008-12-09.