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Accuride Corporation has emerged from its Chapter 11 restructuring, setting the stage for long-term growth in its core North American wheels business. The company has reduced over $400 million in debt, secured $165 million in new financing, and appointed Geoff Bruce as Interim CEO following Robin Kendrick’s retirement. Kendrick transitions to a director role on the newly formed board, which includes experienced industry leaders like Fred Bentley and Douglas Del Grosso.
Key Highlights:
- Debt Reduction: Accuride eliminated over $400 million of funded debt and restructured $170 million in obligations.
- New Investments: The company gained a $70 million lending facility and a $95+ million exit facility to boost liquidity.
- Leadership Transition: Geoff Bruce steps in as Interim CEO, replacing Robin Kendrick, who joins the board.
- Board Expertise: New directors Fred Bentley (Chair) and Douglas Del Grosso bring decades of industry experience.
Accuride’s restructuring marks a significant milestone, positioning it as a stronger player in the North American wheels market. By equitizing substantial debt and securing fresh capital, the company now has the financial flexibility to invest in innovation and operational improvements. Its focus remains on delivering high-quality steel and aluminum wheels, supported by manufacturing facilities in the U.S. and Mexico. The process, completed on March 7, 2025, in Livonia, Michigan, reflects a strategic shift backed by its new owners—lenders like KKR and Guggenheim Partners.
The leadership transition aligns with this new chapter. Robin Kendrick, after steering Accuride through its restructuring, retires as President & CEO but stays involved as a board member. Geoff Bruce, previously head of the Wheels North America division, takes the helm as Interim CEO. The board, now led by Fred Bentley of DexKo Global and including Douglas Del Grosso, ex-CEO of Adient, is tasked with finding a permanent CEO while guiding Accuride’s growth strategy.
Looking ahead, Accuride plans to prioritize its core products, enhancing steel and aluminum wheel offerings with advancements in lightweighting and coating technologies. “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. This focus aims to strengthen ties with customers and stakeholders, leveraging the company’s market position and skilled workforce.
The reconstituted board brings a wealth of expertise. Bentley, with over 25 years in automotive leadership, and Del Grosso, with 40 years in the sector, offer operational and strategic insight. “The Board looks forward to working closely with the management team to realize Accuride’s full value creation potential,” Bentley noted. Their involvement signals confidence in Accuride’s path forward as a well-capitalized, customer-focused business.
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