Grede's St. Cloud foundry had its first day as an independent company Monday after funds managed by Gamut Capital Management acquired the company from American Axle & Manufacturing Holdings, Inc., according to a news release from the company.
Grede's new CEO is Cary Wood, who held leadership roles at Grede from 2004 to 2008. According to Wood, the company's sale came after a "strategic evaluation" of Axle's business and whether Grede fit into that portfolio.
Wood said the St. Cloud foundry's day-to-day operations will not be impacted by the change; any that may come in the future would likely be investment and productivity measures to further improve the facility.
"St. Cloud is one of our anchor facilities," he said, calling it an "important and strategic" location.
Grede has operated in St. Cloud for more than 24 years. The company supplies cast iron and machined components for the automotive, commercial vehicle and industrial markets. The St. Cloud foundry employs roughly 400 people.
Wood said Grede has the opportunity to better strengthen some non-automotive work that was deemphasized by previous ownership.
"It is our ambition to become a much larger and more significant player in the casting and foundry industry," Wood said.
Grede is based in Michigan and has 3,800 employees between locations in Minnesota, Wisconsin, Michigan, Indiana, North Carolina and Alabama.
"For nearly a century, Grede has been an industry leader in iron casting and for the transportation industry," Jordan Zaken, founding partner of Gamut, said. "We are excited to be part of the next chapter of Grede's rich history and support its dedicated employees in the pursuit of operational excellence and best-in-class delivery for its customers."
Source: Sarah Kocher, St. Cloud Times