KIC LLC, a Vancouver-based supplier of wheel-end components for medium and heavy-duty trucks and trailers, is being acquired by Evansville, Indiana-based Accuride Corp. for an undisclosed amount.
Accuride, a supplier of components to the North American and European commercial vehicle industries, announced the acquisition agreement on Wednesday.
“Combining the tremendous strengths of KIC and Accuride will enable us to increase competitiveness and expand into new market segments,” said Accuride President and CEO Rick Dauch in a press release. “Our similar product and technology offerings mesh well; while the combination of our highly complementary business models gives us greater capacity and ability to flex up and down in response to industry cycles and customer demand.”
Accuride plans to merge KIC with its Gunite division, which focuses on drums, hubs, rotors and slack adjusters.
KIC co-founder and CEO Greg Hatton, who will join the Accuride Board of Directors, said he is excited about the ability to serve the trucking industry with leading technology.
“The combination of Gunite and KIC will enhance the strengths and cost efficiencies of both companies, allowing us to provide our customers with superior wheel end products and service.”
The acquisition is expected to be complete by the end of the quarter.
