Accuride Successfully Emerges from Restructuring Process and Announces Leadership Transition

Company positioned for long-term growth, focused on core North American wheels segment

Geoff Bruce appointed Interim CEO, succeeding Robin Kendrick, who becomes a director on Accuride's reconstituted Board

LIVONIA, Mich., March 7, 2025 /PRNewswire/ -- Accuride Corporation ("Accuride" or the "Company") today announced the successful completion of the Company's restructuring process and emergence from Chapter 11.

Accuride's restructuring process equitizes over $400 million of funded debt and restructures ~$170 million of additional obligations. Accuride also receives significant new investment from its existing investors in the form of a $70 million asset-based lending facility and an $95+ million exit facility, both of which are designed to bolster the Company's liquidity and support long-term growth. With the restructuring completed, the Company's lenders, including KKR, Caspian, and accounts managed by Guggenheim Partners Investment Management, LLC and its affiliates, have become Accuride's new owners.

With Accuride's successful emergence, Robin Kendrick will retire as Accuride's President & CEO, effective immediately, as part of a thoughtful succession planning process. Kendrick will continue his affiliation with the Company as a Director on the newly reconstituted Accuride Board, which has initiated a thorough search process to identify a permanent CEO with the support of a leading executive search firm. Geoff Bruce, formerly the President of Accuride's Wheels North America division, has been appointed Interim CEO of Accuride. Kendrick and the other members of the Board will work closely with Bruce to ensure a smooth transition of responsibilities.

"Accuride has successfully established a robust capital structure with access to significant liquidity, which together well position the Company for long-term growth," said Bruce. "Accuride wheels are a critical part of an important industry, and we are poised to deliver on our strong market position, innovation engine and value proposition for our customers in North America with the support of an exceptional team and strong relationships with long-time stakeholders."

Accuride's new Board of Directors is composed of five Directors with significant industry expertise and financial leadership experience. In addition to Kendrick, newly-appointed independent Directors include Fred Bentley, President and CEO of DexKo Global, and Douglas Del Grosso, former President and CEO of Adient. Both Bentley and Del Grosso bring significant industry leadership and operational expertise and will actively support Accuride's management team. Bentley will serve as Chair of Accuride's Board. Additional new Accuride Directors include Lauren Krueger, Managing Director at KKR, and Michael Dussinger, Managing Director at Guggenheim Partners.

Bentley added, "The Board looks forward to working closely with the management team to realize Accuride's full value creation potential. Accuride has tremendous opportunity to grow and create value for customers and other stakeholders as a well-capitalized business with a singular focus on delivering high-quality and innovative wheels for the North American market. We deeply appreciate Robin's contributions and look forward to continuing to benefit from his expertise as a member of the Accuride Board, which brings together the right mix of experience and perspectives to guide the Company into its next phase of growth. We also thank Geoff for stepping into the Interim CEO position and are confident that Accuride is in excellent hands while we search for the Company's next leader."

With a revitalized capital structure and a dedicated focus on the North American wheels market, Accuride intends to accelerate investments and innovation in its core steel and aluminum products, operational efficiencies and lightweighting and coating technologies. Accuride will maintain its superior manufacturing operations across its facilities in the U.S. and Mexico and continue its strong relationships with all stakeholders as the Company executes its growth plan.

Kendrick said, "Accuride has a solid foundation from which the Company will continue to grow, with a focus on innovation and delivering for our customers. It has been an honor to lead Accuride and work with our incredibly skillful team, and I look forward to continuing as a member of the Board to support the Company's go-forward strategy and identify its next leader."

Key Leader Biographies

Fred Bentley, Accuride Board Chair has over 25 years' experience in the automotive sector and has been President & CEO of DexKo Global since 2016. Bentley has significant experience running global operations and growing businesses while working with world-class companies. Prior to joining DexKo, he was the CEO of Maxion Wheels, a $2.4 billion global automotive equipment supplier and the world's largest wheel company. He oversaw the $1.2 billion European operation and lived in Germany for three years prior to becoming CEO of Maxion. Previously, Bentley held the position of COO and President of International Operations of Hayes Lemmerz, leading the company's sale process (to Maxion) and the divestitures of non-core businesses while significantly globalizing the core business. Bentley's prior experience also includes six years running an international business with significant operational experience at Honeywell/Allied Signal and seven years in operations, finance, and strategy at Frito Lay. Bentley has a BS in Industrial Engineering from the University of Cincinnati, and he attended the Harvard Business School Advanced Management Program.

Douglas Del Grosso, Independent Accuride Board Member has over 40 years' experience in automotive supply sectors. Del Grosso was president and chief executive officer of Adient plc, an automotive seating manufacturer from October 2018 until his retirement in December 2023. Prior to joining Adient, Del Grosso was president and chief operating officer of Chassix Inc., a privately held automotive parts supplier, from 2016 until 2018, and president and chief executive officer of Henniges Automotive, a manufacturer of automotive sealing and anti-vibration systems, from 2012 until 2015. Del Grosso holds a Bachelor of Science degree with a major in mechanical engineering from Lawrence Technological University, and a Master of Business Administration degree from Eli Broad College of Business at Michigan State University. Del Grosso serves on the Board of Directors of Pangea, a global leather supplier to the world's leading automotive brands, and on the Board of Directors of Cabot Corp., a leading global specialty chemicals and performance materials company. He has also served as a trustee of The Committee for Economic Development of The Conference Board (CED). His CED activities included co-chairing the CED Trade and Economic Globalization Committee, being a member of the Education Committee and serving as a member of the CED Task Force on Climate, The Environment, and Energy.

Geoff Bruce, Accuride Interim CEO is an accomplished leader who has served as the President of Accuride's Wheels North America division since 2023. Prior to joining Accuride, he was Chief Operations Officer of Autoneum, an automotive interiors supplier. Bruce also served as Vice President Operations for Moeller Aerospace, a privately held jet engine components manufacturer. He also previously held various positions in Operations, Product Development and General Management at BorgWarner, most recently serving as VP/GM of Americas. Bruce earned a Master of Science in Aerodynamics from Syracuse University and a Master of Business Administration from Indiana University's Kelley School of Business.

Kirkland & Ellis served as legal counsel, Perella Weinberg served as investment banker, and Alvarez & Marsal served as restructuring advisor to Accuride. KKR and other members of the ad-hoc group of lenders were represented by Weil, Gotshal & Manges LLP as legal counsel and Lazard as investment banker.

About Accuride Corporation
With world headquarters in Livonia, MI, USA, Accuride is the largest steel and aluminum wheel supplier to the commercial vehicle industry. For more information: www.AccurideCorp.com.

MEDIA RELATIONS CONTACT
Grant Hatton  
Director, Marketing
(360) 606-0704
[email protected]  

SOURCE Accuride Corporation