INDUSTRY NEWS North America
Combined Grede, Citation Secure $60 Million in Credit Newly created Grede Holdings LLC,
Novi, Mich., has secured up to $60 mil- lion in credit to do business as it com- pletes the merger of two companies,
one of which filed for bankruptcy in late June 2009. Grede Holdings is the current it- eration 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 revolv- ing 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 work- ing capital needs and other general corporate purposes. “Given the restrictive credit markets
of today, the new financing agreement validates Grede’s actions as further evidence of the company’s future vitality,” said Lou Lavorata, Grede’s chief financial officer. “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 fa- cilities and two machining opera- tions in the U.S.
MC
Quality Certifications The following metalcasters have
passed recent certification or surveil- lance audits:
City Aluminum Foundry, Waterford, Mich. (ISO 9001:2008);
Brost Foundry Co., Cleveland (ISO 9001:2000);
Eutectic Engineering, Detroit (ISO 9001:2008);
Bradken-Chehalis, Chehalis, Wash. (ASME NCA3800).
MC 12 MODERN CASTING / March 2010
Visit MODERN CASTING’s Late-Breaking Metalcasting News at
www.moderncasting.com
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