Grede Holdings LLC, the foundry and machined castings company formed by a merger of Novi-based Citation Corp. with a Wisconsin ferrous metals foundry earlier this year, will move its headquarters to Southfield next week.
The company will relocate from Novi to the 4000 Town Center building in Southfield Dec. 20 to gain more office space following the merger.
Grede also announced the acquisition of GTL Precision Patterns in Biscoe, N.C. earlier this month.
"This is the culmination of consolidating three former headquarters locations in Alabama, Wisconsin and Michigan into one centrally located office to better serve our diverse customer base," said Doug Grimm, chairman, president and CEO of Grede Holdings and former Citation CEO.
"More than 60 percent of our annual revenue is generated within 300 miles of our new headquarters location."
An affiliate of Minnesota-based private equity firm Wayzata Investment Partners L.L.C. acquired the six foundries of Milwaukee-based Grede Foundries out of bankruptcy late last year.
Wayzata also held a minority equity position in Citation at the time and became 65 percent owner of the newly-combined company, after a recapitalization of Citation and an injection of equity by New Jersey-based GSC Group. GSC owns the other 35 percent of Grede Holdings.
The new company now employs more than 3,600 workers at 13 foundries and three machining plants, and is expected to generate revenue of $725 million this year.
Grede Holdings is a supplier to automotive, heavy trucking and industrial product manufacturers.
