EVANSVILLE, Ind.--()--Accuride Corporation (NYSE: ACW), a leading supplier of components to the North American commercial vehicle industry, announced that, effective today, it has completed the appointment of Robert E. Davis to the Company’s Board of Directors as an independent director. Davis joins the Board per the agreement between Accuride and Cetus Capital and certain of its affiliates (collectively, “Cetus”) announced on December 20, 2012. This agreement provided for the appointment of a Cetus designee, at the time expected to be Davis, to the Company’s board of directors and to be nominated for election at the Company’s 2013 annual meeting of stockholders. Cetus is Accuride’s largest shareholder and currently owns approximately 14.97% of Accuride’s shares.
“With the operational-improvement actions of our ‘Fix and Grow’ strategy now largely complete and yielding solid performance gains, adding Rob’s depth of insight to our Board at this time supports the Company’s renewed commitment to restoring dependable performance for shareholders while exploring opportunities for expansion in new geographic markets.”
“We are pleased to complete Rob’s addition to the Accuride Board and look forward to benefitting from his significant financial, capital markets and leadership experience with investment firms known for driving long-term value,” said Rick Dauch, Accuride President and CEO. “With the operational-improvement actions of our ‘Fix and Grow’ strategy now largely complete and yielding solid performance gains, adding Rob’s depth of insight to our Board at this time supports the Company’s renewed commitment to restoring dependable performance for shareholders while exploring opportunities for expansion in new geographic markets.”
Davis is currently a Managing Director of Cetus Capital affiliate Littlejohn & Co., LLC, which he joined as a Partner in 2005. Previously, he was a managing director and founding member of Oaktree Capital Management’s Mezzanine Fund where he was responsible for originating, executing and monitoring mezzanine investments. Earlier, he was a principal at Halcyon Asset Management LLC, focusing on distressed / special situations investments. Davis started his post-MBA career at Prudential Insurance Company, where he was a founding member of its Financial Restructuring Group. Earlier, he held high-yield and investment banking analyst positions at Oppenheimer and Co. and Bear Stearns & Co. Davis received an MBA from the J.L. Kellogg School of Management at Northwestern University and a BA in Economics with Honors from Northwestern University.
About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation is a leading supplier of components to the North American commercial vehicle industry. The company’s products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle components. The company’s products are marketed under its brand names, which include Accuride®, Accuride Wheel End Solutions™, Gunite®, Imperial™ and Brillion™. Accuride’s common stock trades on the New York Stock Exchange under the ticker symbol ACW. For more information, visit the Company’s website at www.AccurideCorp.com.
Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, hopes, beliefs and intentions on strategies regarding Accuride’s future results. It is important to note that the Company’s actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including but not limited to, market demand in the commercial vehicle industry, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings.