Accuride Corp., a supplier of commercial vehicle components, and CLN Group, a supplier of steel and metal-formed components and assemblies, have announced that Accuride has acquired a majority stake in steel wheel manufacturer Gianetti Ruote SRL from the MW Italia wheels division of CLN S.p.A. CLN, through MW Italia, who will retain a minority interest in the business. Gianetti will retain its headquarters and principal manufacturing and engineering facility in Ceriano Laghetto near Milan, Italy. Accuride has agreed to invest €19.75 million over the next 36 months to improve Gianetti’s manufacturing operations in exchange for its majority equity position. It is Accuride’s first venture into becoming a global business.
“Accuride will continue Gianetti’s proud tradition of supplying best-in-class steel wheel products by strengthening its capable engineering resources and manufacturing assets,” said Accuride’s Scott Hazlett. “As partners, Accuride and CLN will leverage Gianetti’s advanced wheel technologies to meet our customers’ current and future vehicle program requirements.”
“I believe that our agreement with Accuride will prove to be an extraordinary opportunity for Gianetti to be not only a European player, but a global one,” said Gabriele Perris Magnetto, chief executive officer of CLN S.p.A. “Gianetti’s strong product design expertise will be exported globally, thus reinforcing its product leadership in the new venture.”