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Accuride Corporation, Evansville, Ind., announced it has acquired a majority stake in steel wheel manufacturer Gianetti Ruote S.r.l. Accuride, a supplier of components to the commercial vehicle industry including specialty cast-iron components, has acquired a majority stake in the steel wheel manufacturer from the MW Italia wheels division of CLN S.p.A., Rivoli, Italy. CLN, through MW Italia, will retain a minority interest in the business.
The partnership provides Accuride immediate long-term supply contracts with OEM customers in Europe. Gianetti Ruote will retain its headquarters and principal manufacturing and engineering facility outside of Milan.
“Acquiring a majority stake in Gianetti Ruote establishes Accuride as a tier-one wheel supplier to Europe’s leading commercial vehicle OEMs,” Accuride President and CEO Rick Dauch said. “The partnership enables us to strengthen relationships with our global OEM customers by serving their needs in Europe, build closer ties to key regional OEMs and grow Gianetti’s business.
Accuride has agreed to invest $21.6 million over the next three years to improve Gianetti’s manufacturing operations in exchange for its majority equity position.
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