Grede Holdings LLC, Southfield, Mich., has completed the acquisition of the metalcasting and machining assets of Paxton-Mitchell Corp., Omaha, Neb.
Grede will change the name of the industrial caster and machinist to Grede Omaha LLC. Grede officials indicated the acquisition will strengthen the company’s position in the heavy truck and industrial markets but did not disclose the financial terms of the transaction.
“This latest acquisition represents Grede’s commitment to the industrial and heavy truck iron casting market,” said Doug Grimm, Grede’s chairman, president and chief executive officer. “We have focused on diversifying our business model to weather cyclicality, and now 60% of our revenues are derived from nonautomotive customers.”
The newly acquired facility currently employs 75 people, and Grede expects to expand employment in 2012 as business is transferred into Omaha from its other metalcasting assets.
The new Grede was formed in 2010 through the combination of assets of the former Grede Foundries Inc., Blackhawk Foundry (USA) and Citation Corp. With estimated annual revenues approaching $1 billion, the company specializes in ductile, gray and specialty iron castings. The company has 5,000 employees and operates 16 metalcasting facilities and four machining operations in North America.
Sourced from Modern Casting