. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . inDustrY neWs
Combined Grede, Citation Secure $60 Million Credit
Doug Grimm toured several of the new Grede facilities shortly after the merger. Newly created Grede Holdings LLC,
Novi, Mich., has secured up to $60 million in credit to do business as it completes the merger of two companies, one of which filed for bankruptcy in late June 2009. Grede Holdings is the current iteration
of the combined businesses of Grede Foundries Inc. and Citation Corp., which announced their merger at the end of 2009. The two companies completed the combination of their assets in early 2010. The new entity announced that on
Feb. 5 it had entered into a revolving credit and security agreement with Bank of America. Wells Fargo Capital Finance, part of Wells Fargo & Co., was named as a co-lender on the transaction. According to a Grede press release, the agreement provides up to $60 million over a term
of three years to support the company’s working capital needs and other general corporate purposes. “Given the restrictive credit markets of
today, the new financing agreement vali- dates Grede’s actions as further evidence of the company’s future vitality,” said Lou Lavorata, Grede’s chief financial of- ficer. “Through our rigorous turnaround activities, we have brought together two well-positioned companies that have outstanding synergies, a strong balance sheet, low debt, and excellent support from our bank partners.” The new Grede is a privately-held
company making ferrous castings for the transportation and industrial markets out of 14 metalcasting facilities and two machining operations in the U.S. METAL
ASTM Standard Set for Squeeze, Thixo-, Rheo-Casting An ASTM committee recently ap-
proved a new standard that provides an outline for how to do business when selling and purchasing squeeze, thixocast or rheocast parts. The standard, written for casting designers, purchasers, producers and technical societies, was approved by the International Committee B07 on Light Metals and Alloys and developed by Subcommittee B07.01 on Aluminum Alloy Ingots and Castings. Brian Cochran, president, Brian P.
Cochran and Associates LLC, Wabash, Ind., and chairman of B07.01, said the
MarCh/aPril 2010
standard (B969, “Specification for Alu- minum-Alloy Castings Produced by the Squeeze Casting, Thixocast and Rheocast Semi-Solid Casting Processes”) defines responsibilities for producers and buy- ers, the type of testing to be conducted on parts and how it is to be conducted. Cochran said B07.01 invites inter-
ested parties to help develop other standards for metal matrix composites and lost foam castings. ASTM International’s standards are
accepted and used in research and devel- opment, product testing, quality systems and commercial transactions.
METAL For Design engineers & PurChasers 9
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