Type Public (NYSE: ACW) Revenue $936M FY2011 CEO Richard F. Dauch Number of employees 2,800 | Industry Vehicle Components Website www.accuridecorp.com Founded 1986 | |
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Key people Rick Dauch, President & CEO Headquarters Evansville, Indiana, United States Subsidiaries Transportation Technologies Industries Inc | ||
5 jan 2011 accuride corporation opening bell
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.
Contents
- 5 jan 2011 accuride corporation opening bell
- Bain Capital founding
- Recession and bankruptcy
- Business
- References
Accuride’s business units are Accuride Wheels, Gunite Corporation, 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.
Bain Capital founding
Accuride was founded in 1986 in order to acquire the wheel-making division of Firestone Tire & Rubber Company. 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. 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 2008–2012 recession 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 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.
Business
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.