Accuride Acquires Majority Stake in Gianetti Ruote S.r.l.

Accuride Corporation (NYSE: ACW) – a leading supplier of components to the global commercial vehicle industry – and CLN Group, a leading supplier of steel and metal-formed components and assemblies to the global automotive industry, today announced that Accuride has acquired a majority stake in steel wheel manufacturer Gianetti Ruote S.r.l. from the MW Italia wheels division of CLN S.p.A. CLN, through MW Italia, will retain a minority interest in the business. The partnership – which gives Accuride immediate long-term supply contracts with key global OEM customers in Europe – advances Accuride’s strategy to become a leading wheel supplier to the global commercial vehicle industry. The business 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. For the nine month period ended September 30, 2015, Gianetti generated net sales and Adjusted EBITDA were $28.7 million and $(2.2) million, respectively.

Toshiba: Landis+Gyr Wins Order for First Battery Energy Storage System for Frequency Adjustment in Nordic Countries

Toshiba Group member and world leader in smart metering Landis+Gyr has won a major order to supply a megawatt-class battery energy storage system (BESS) to Helen Ltd., a major energy utility operating in the capital of Finland. The BESS, the first in any Nordic country, will start operation in Helsinki in spring 2016.