Erie company & global parent company files for bankrupcty

( WJET/WFXP ) — A global automotive part manufacturer, specializing in steel and aluminum wheels and wheel-end components, has filed for Chapter 11 bankruptcy holding up to $1 billion in debt.

Accuride filed for Chapter 11 Bankruptcy in the District of Delaware on October 9. The company says it holds between $500 million and $1 billion in assets and owes between $500 million and $1 billion.

Despite attempts to cut costs, market conditions only continue to become more challenging due to inflation, changing customer spending habits, and increased labor costs. Through the restructuring, the company does anticipate any disruptions in its operations and has secured $30 million in liquid assets to help continue its operations.

The company also owns a subsidiary, Accuride Erie, operating out of its facility located at 1015 East 12th Street. This location was included in the filing, however, Accuride’s locations outside of Canada and the United States are not included.

Accuride is a global leader in steel and aluminum wheels and wheel-end components, headquartered out of Livonia, Michigan. The company employs approximately 3,600 individuals at facilities in the United States, Canada, Mexico, Germany, France, Turkey, Russia and China.

This bankruptcy is the second this year involving a major manufacturing company in Erie, with the first being Merit Tool Company, an Erie-based precision machining company focusing on industries on Earth and in space.

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