After one year, ferrous castings group increases capacity utilization 80%
Grede Holdings LLC reports it has booked new orders totaling more than $162 million in the year since it was formed, and increased its capacity utilization rate by 80%. The ferrous foundry group was formed early in 2010 by the merger of Citation Corp. and Grede LLC.
The company’s 13 foundries and machining operations include assets of the former Blackhawk Foundry (USA), too. Its products are ductile, gray and specialty iron castings, including lost foam products and high-silicon molybdenum alloys.
Grede chairman, president, and CEO Doug Grimm added that the group has a strategy for growth that includes “constantly seeking and evaluating potential strategic acquisitions that will complement and expand our facilities, capabilities and product mix.”
The private-equity group Wayzata Investment Partners holds the controlling stake in the new organization.
“In February 2010, we combined the ‘best-of-the-best’ in terms of people, technologies and assets of the former Grede Foundries Inc. and Citation Corporation to form Grede Holdings LLC,” Grimm stated. “In doing this, we positioned ourselves for growth and our efforts are clearly paying off.”
Grede indicated that the $162 million in new business includes several critical industrial markets, such as automotive ($75 million), industrial ($38 million), and medium- and heavy-duty truck ($49 million). “This new business is coming from both existing and new customers who see the true value of the business combination,” according to Grimm.
In addition to the past year’s business growth, Grede Holdings increased its employment total by 32%, adding over 900 workers. It also has received numerous awards from customer for the quality of its products and service.
“Much of the reason for our success is due to the men and women of Grede who have worked tirelessly to integrate the two companies during 2010,” stated Grimm. “Moreover, I would like to thank our customers who have worked with us to optimize our manufacturing footprint to better support their needs in this improving economy.”