Vancouver-based auto parts manufacturer KIC has been bought, the company announced Wednesday.
The supplier of wheel components for trucks and trailers will join Accuride, an Indiana-based company within the same industry.
“We at KIC are proud to join (Accuride) and are excited about our ability to best serve the trucking industry with our leading technology, engineering and manufacturing footprint,” said co-founder Greg Hatton in a statement.
KIC, founded in 1972, manufactures and supplies brake drums, rotors, steel wheels and other components to carmakers and aftermarket distributors. There are 30 employees at its headquarters in Fruit Valley, which executives say will stay put.
“We are not going anywhere,” said Grant Hatton, vice president of information technology for the company. “We are happy to say that all of the people are staying here.”
The company has 11 employees elsewhere in the country. It has warehouses in California, Texas, Ohio and Ontario, among other places. Grant Hatton said the company earns “above $100 million” in annual revenue, but declined to elaborate.
“We’re excited about this,” Grant Hatton said. “It’s going to allow us to expand our footprint, and I think we’ve got two companies that really have complementary product lines and this will allow us to better service our customers.”
Those sentiments were echoed by Accuride executives who, in the initial announcement, said they now have a foot in the door in newer markets.
“Our similar products and technology offerings mesh well,” said Accuride President and CEO Rick Dauch, “while the combination of our highly complementary business models gives us greater capacity and ability to flex up and down in response to industry cycles and customer demand.”
Greg Hatton, according to the announcement, will join Accuride’s executive board. Accuride is itself owned by Crestview Partners, an equity firm in New York.
