Accuride Invests in European Manufacturer

Accuride bought the stake from a division of CLN Group.

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Evansville-based Accuride Corp. (NYSE: ACW) has acquired a majority stake in a European steel wheel manufacturer. As part of the deal with Gianetti Ruote, Accuride will invest more than $21 million in the Italian company’s operations over the next three years.

Accuride bought the stake from a division of CLN Group. The company says the deal will give it long-term supply contracts with key global customers in Europe and plays into its strategy to be a leading wheel supplier to the global commercial vehicle industry. Chief Executive Officer Rick Dauch says the deal will "improve the competitiveness and profitability of the business" and achieve "world-class levels of quality and operational excellence."

Gianetti Ruote will keep its headquarters and main manufacturing operations near Milan, Italy.