EVANSVILLE, Indiana, USA and TORINO, Italy – (BUSINESS WIRE) – Nov. 3, 2015 – Accuride Corporation (NYSE: ACW) – a leading supplier of components for the commercial vehicle industry globally – and CLN Group, provider leader of components and assemblies in steel and metal for the automotive industry worldwide, today announced the acquisition by Accuride of a majority stake in the manufacturer of steel wheels Wheels Gianetti Srl from department wheels MW of CLN SpA Italy CLN, through MW Italy, will retain a minority interest in business. The partnership – which gives Accuride long-term supply contracts with immediate key OEM customers in Europe – promotes Accuride strategy to become a leading supplier of wheels for commercial vehicles globally. The business will retain the headquarters and main manufacturing facilities and technicians in Ceriano Laghetto, near Milan. Accuride has agreed to invest 19.75 million euro in the next 36 months to improve production operations of Gianetti in exchange for its equity position majority. For the nine-month period ended September 30, 2015, net sales and Adjusted EBTIDA amounted respectively to 28.7 and 2.2 million dollars.
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“Acquiring a majority stake in Gianetti Accuride Wheels does a supplier of wheels of the first level to the largest OEM manufacturers of commercial vehicles in Europe,” said President and CEO of Accuride, Rick Dauch. “The partnership allows us to strengthen relationships with our OEM customers globally satisfying their requirements in Europe, to build closer ties with key regional and OEM to grow the business of Gianetti. We will improve the competitiveness and profitability, of the business combining selected strategic investments to our strict quality and our lean production systems to help Gianetti to achieve high quality and operational excellence. ”
“I believe our agreement with Accuride will prove an excellent opportunity to Gianetti to act not only in Europe but also globally,” commented Gabriele Perris Magnetto, CEO of CLN SpA “The solid knowledge of design Gianetti will be exported globally, reinforcing the company’s leadership in this new mission. ”
The global strategy wheels Accuride
Gianetti Wheels joins global wheels business unit under the continued leadership of Scott Hazlett, senior vice president of operations. Gianetti Accuride Wheels provides resources to technology and production, as well as a range within and beyond Europe.
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