INDUSTRY NEWS
Bradken Accepts Takeover Bid From Hitachi Bradken (Mayfield West, Australia) has accepted a take-
over bid from Hitachi Construction Machinery Company. Te bid is worth approximately $505 million. “I am pleased to announce this offer by HCM, which
provides shareholders with an attractive premium. On successful completion, it lets Bradken, which has a proud history in mining and industrial services, join with one of the world’s largest machinery companies to form a premium global business,” said Phil Arnall, chairman, Bradken. Te offer will close February 10 for Bradken, which is a supplier to Hitachi. Bradken has metalcasting facilities in Louisiana, Kansas
and Washington. Crestview Partners
INDUSTRY NEWS
Acquires Accuride Accuride Corporation (Evansville, Indiana) an- nounced the completion of its acquisition by funds managed by Crestview Partners, a New York based private equity firm, pursuant to the merger agreement it announced on Sept. 2. Accuride’s shareholders adopted the merger agreement at
the company’s special meeting of shareholders held on Nov. 15. “Today marks the start of a new and exciting chapter
for our storied company. As a stand-alone business within Crestview’s portfolio of companies, Accuride will serve as a platform for further growth and consolidation in the global wheels and wheel-end sectors as we continue to deliver world-class operating performance and products for our customers,” said Rick Dauch, president and CEO, Accuride. “Our executive leadership team is energized to lead Ac- curide into this new phase of expansion for our business and look forward to working closely with the Crestview team.” Dauch will continue to serve as Accuride’s president and
CEO, supported by the other members of the company’s ex- ecutive leadership. Accuride will continue to operate under its current brand name and remain headquartered in Evansville, with operations in the U.S, Canada, Mexico and Italy. “We are impressed by Accuride’s commitment to excel-
lent service and the strong reputation they have built over the course of their history. We believe this acquisition will allow Accuride to focus on long-term initiatives and, in doing so, will grant the company flexibility to improve on its current business model,” said Alex Rose, partner, Crestview. “We look forward to working with the existing management team to support Accuride as it enters this next phase of growth.” In September, Accuride sold Brillion Iron Works to a subsidiary of Metaldyne Performance Group. Brillion will be closing by the end of the year.
December 2016 MODERN CASTING | 11
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60