Accuride Corporation

Last updated

Accuride Corporation
Type Private
Founded1986
Headquarters Livonia, Michigan, United States
Key people
Robin Kendrick, President & CEO
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 Livonia, Michigan, the company designs, manufactures and markets commercial vehicle components.

Contents

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. [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

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]

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. [7]

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. [8] [7] [9]

Related Research Articles

<span class="mw-page-title-main">Mitt Romney</span> American politician and businessman (born 1947)

Willard Mitt Romney is an American politician, businessman, and lawyer who has served as the junior United States senator from Utah since 2019. He served as the 70th governor of Massachusetts from 2003 to 2007 and was the Republican Party's nominee for president of the United States in the 2012 election, losing to incumbent Barack Obama.

Bain Capital is an American private investment firm based in Boston. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, crypto, tech opportunities, partnership opportunities, special situations, and real estate. Bain Capital invests across a range of industry sectors and geographic regions. As of 2022, the firm managed approximately $165 billion of investor capital. The firm was founded in 1984 by partners from the consulting firm Bain & Company. The company is headquartered at 200 Clarendon Street in Boston with 22 offices in North America, Europe, Asia, and Australia.

Golden Gate Capital is an American private equity firm based in San Francisco. The firm makes investments in a number of select industries, including technology, financial services, retail and industrial, through leveraged buyout transactions, as well as significant minority purchases and growth capital investments. As of April 2018, it had over $15 billion in assets under management.

<span class="mw-page-title-main">Lenore Romney</span> American actress and political figure (1908–1998)

Lenore LaFount Romney was an American actress and political figure. The wife of businessman and politician George W. Romney, she was First Lady of Michigan from 1963 to 1969. She was the Republican Party nominee for the U.S. Senate in 1970 from Michigan. Her younger son, Mitt Romney, is a U.S. Senator from Utah, a former Governor of Massachusetts, and was the 2012 Republican presidential nominee.

<span class="mw-page-title-main">TA Associates</span> American private equity firm

TA Associates, founded in 1968, is one of the early modern-era private equity firms in the United States. The firm leads buyouts and minority recapitalizations of profitable growth companies. TA invests across five industry groups: technology, healthcare, consumer products, financial services and business services.

<span class="mw-page-title-main">1994 United States Senate election in Massachusetts</span> US election

The 1994 United States Senate election in Massachusetts was held November 8, 1994. Incumbent Democratic U.S. Senator Ted Kennedy won re-election to his seventh term, defeating the Republican nominee, businessman Mitt Romney.

<span class="mw-page-title-main">Bill Bain (consultant)</span> American businessman

William Worthington Bain Jr. was an American management consultant, known for his role as one of the founders of the management consultancy that bears his name, Bain & Company. Prior to founding Bain & Company, he was a vice-president at the Boston Consulting Group (BCG).

Konarka Technologies, Inc. was a solar energy company based in Lowell, Massachusetts, founded in 2001 as a spin-off from University of Massachusetts Lowell. In late May 2012, the company filed for Chapter 7 bankruptcy protection and laid off its approximately 80-member staff. The company’s operations have ceased and a trustee is tasked with liquidating the company’s assets for the benefit of creditors.

<span class="mw-page-title-main">Ann Romney</span> Wife of Mitt Romney

Ann Lois Romney is an American author and philanthropist. She is the wife of businessman and politician, Senator Mitt Romney of Utah. From 2003 to 2007, Romney was First Lady of Massachusetts, while her husband served as governor.

<span class="mw-page-title-main">Public image of Mitt Romney</span>

The public image of Mitt Romney refers to how Americans view Mitt Romney. Following his 2008 presidential campaign, Romney's personal and political appearance increased. Romney's values and affiliation with the Church of Jesus Christ of Latter-day Saints are significant factors in his public image and "Faith in America" speech.

<span class="mw-page-title-main">Valence Technology</span>

Valence Technology, Inc. was a company that developed and manufactured lithium iron phosphate cathode material as well as lithium ion battery modules and packs. The modules come in 12 V, 18 V, 24 V, and 36 V configurations. Valence's products are used in electric vehicle and plug-in hybrid electric vehicles (PHEVs) such as cars, scooters, motorbikes, and commercial vehicles such as buses, delivery vans and trucks. Valence batteries are also used in wheelchairs, medical carts, robotics, marine, rail, as well as stationary applications such as remote power, uninterruptible power supply (UPS), energy storage systems, frequency regulation and switching gear.

<span class="mw-page-title-main">Miles Park Romney</span> Mormon pioneerr (1843–1904)

Miles Park Romney was a prominent American builder in the Church of Jesus Christ of Latter-day Saints. He was born in Nauvoo, Illinois, the son of Miles Romney. He was the president of the St. George Social Hall Company and the St. George Dramatic Association, and also served as a chief of police, attorney-at-law, newspaper editor, and architect. One of his sons, Gaskell Romney, was the father of George W. Romney and grandfather of Mitt Romney.

<span class="mw-page-title-main">Gaskell Romney</span> American patriarch of the Romney family (1871–1955)

Gaskell Romney is regarded as a patriarch of the Romney family, a U.S. political family. Romney was born in St. George, in what was then the Utah Territory, the son of Miles Park Romney and Hannah Hood Hill.

<span class="mw-page-title-main">Wheel hub motor</span> Electric motor in the middle of a wheel

A wheel hub motor, hub motor, or in-wheel motor is a motor that is incorporated into the hub of the wheel. Wheel-hub motors are commonly found on electric bicycles. Electric hub motors were well-received in early electric cars, but have not been commercially successful in modern production cars.

<span class="mw-page-title-main">Bain & Company</span> Global management consulting firm

Bain & Company is an American management consulting company headquartered in Boston, Massachusetts. The firm provides advice to public, private, and non-profit organizations. One of the Big Three management consultancies, Bain & Company was founded in 1973 by former Group Vice President of Boston Consulting Group Bill Bain and his colleagues, including Patrick F. Graham. In the late 1970s and early 1980s, the firm grew rapidly. Bill Bain later spun off the alternative investment business into Bain Capital in 1984 and appointed Mitt Romney as its first CEO. Bain experienced several setbacks and financial troubles from 1987 to the early 1990s. Romney and Orit Gadiesh are credited with returning the firm to profitability and growth in their sequential roles as the firm's CEO and chairman respectively.

<span class="mw-page-title-main">Mitt Romney 2012 presidential campaign</span> US presidential campaign

The 2012 presidential campaign of Mitt Romney officially began on June 2, 2011, when former Massachusetts governor Mitt Romney formally announced his candidacy for the Republican Party nomination for President of the United States, at an event in Stratham, New Hampshire. Having previously run in the 2008 Republican primaries, this was Romney's second campaign for the presidency.

Kansas City Bolt and Nut Company was a diverse steel parts manufacturing plant in Kansas City, Missouri that through its successors at its peak in the 1950s employed more than 4,500 people.

Marc J. Leder is an American businessman who is a co-founder of Sun Capital Partners, a private equity firm based in Boca Raton, Florida. He is also a limited partner of Harris Blitzer Sports & Entertainment, which owns the Philadelphia 76ers and New Jersey Devils.

The business career of Mitt Romney began shortly after he finished graduate school in 1975. At that time, Romney entered the management consulting industry, and in 1977 secured a position at Bain & Company. Later serving as its chief executive officer, he helped bring the company out of financial crisis. In 1984, he co-founded and led the spin-off Bain Capital, a private equity investment firm that became highly profitable and one of the largest such firms in the nation. The fortune he earned from his business career is estimated at $190–250 million.

<span class="mw-page-title-main">Wanxiang</span> Chinese company

Wanxiang Group Corporation is a Chinese multinational conglomerate, headquartered in Hangzhou, Zhejiang province, China. Its automotive components subsidiary is the largest China-based automotive components company measured by revenues. The company was founded in 1969 by Lu Guanqiu.

References

  1. 1 2 Santosh Nadgir (18 November 2009). "Accuride seeks court approval for Chapter 11 plan". Thomson Reuters. Retrieved 24 November 2009.
  2. 1 2 Wyler, Grace (14 December 2011). "This Is How Mitt Romney Actually Made All His Money". Business Insider. Archived from the original on 17 November 2012. Retrieved 18 May 2012.
  3. Kranish, Michael and Scott Helman (2012). The Real Romney . HarperCollins. ISBN   9780062123275.
  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. Archived from the original on 26 January 2013. Retrieved 21 February 2012.
  7. 1 2 "Crestview Partners acquires Accuride". Fleet Owner. Endeavor Business Media. 15 September 2016. Retrieved 26 January 2022.
  8. "Accuride Corporation". Accuride. Archived from the original on 18 December 2008. Retrieved 9 December 2008.
  9. "Accuride Reaches Agreement To Acquire KIC". Aftermarket News. Babcox Media. 26 April 2017. Retrieved 26 January 2022.