Accuride plans to take sole ownership of aluminum-wheel venture
HENDERSON, Ky. (Feb.1) — Accuride Corp. plans to buy out Kaiser Aluminum & Chemical Corp.’s 50% share of AKW L.P., acquiring sole ownership for an undisclosed price.
AKW is a 50-50 joint venture between Kaiser and Accuride that was formed in 1997 to design, build, and sell heavy-duty aluminum wheels. AKW is based in Erie, Pa.
“This acquisition is part of Accuride’s phased approach to strategically grow our business,” said Accuride president and CEO Bill Greubel. “We are very pleased to be acquiring Kaiser’s share of AKW. The acquisition will extend Accuride’s position in the aluminum wheel market and will allow us to better service our customers’ total wheel requirements.”
Accuride is North America’s largest manufacturer and supplier of wheels for commercial trucks. The company has steel-wheel operations in London, Ont., Henderson, Ky., and Columbia, Tenn., as well as a joint venture in Monterrey, Mexico.
The transaction is scheduled to close during the first quarter of 1999.
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