Accuride Appoints Robert E. Davis to Board of Directors
EVANSVILLE, Ind.--(BUSINESS WIRE)-- Accuride Corporation (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 Companys 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 Companys board of directors and to be nominated for election at the Companys 2013 annual meeting of stockholders. Cetus is Accurides largest shareholder and currently owns approximately 14.97% of Accurides shares.
We are pleased to complete Robs 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 Robs depth of insight to our Board at this time supports the Companys 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 Managements 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 companys products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle components. The companys products are marketed under its brand names, which include Accuride®, Accuride Wheel End Solutions", Gunite®, Imperial" and Brillion". Accurides common stock trades on the New York Stock Exchange under the ticker symbol ACW. For more information, visit the Companys 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 Companys expectations, hopes, beliefs and intentions on strategies regarding Accurides future results. It is important to note that the Companys 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 Companys Securities and Exchange Commission filings.
Timothy G. Weir, APR, 812-962-5128
Director of Public Affairs, Communications & Marketing
Chad Monroe, 812-962-5041
Director of Corporate Development
Source: Accuride CorporationCopyright Business Wire 2013