INDUSTRY NEWS North America


Municipal and Commercial Caster Neenah Emerges From Bankruptcy Neenah Enterprises Inc., Neenah,


Wis., announced it has successfully emerged from bankruptcy under new equity ownership. Earlier this month, Neenah received


confirmation of its plan of reorganiza- tion from the U.S. Bankruptcy Court in Wilmington, Del. The company has reduced its debt by more than $270 million and transitioned to a new ex- ecutive management team. “We are pleased to have emerged from bankruptcy in less than six months,” said Rich Caruso, a managing director for Huron Consulting Services LLC who is serving as Neenah’s acting chief execu- tive officer. “Neenah’s reputation, strong workforce, customers and vendor com- munity were a critical aspect to formulat- ing a plan of reorganization that greatly enhances our competitive position.” On Feb. 3, Neenah and its sub-


sidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware to restructure its balance sheet while providing 100% recoveries to its suppliers and vendors. In con-


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Neenah Foundry produces iron castings for the heavy municipal market and segments of the commercial industrial markets.


nection with its restructuring, Neenah’s secured and subordinated term debt was converted into equity, providing it with an improved balance sheet. Neenah is the indirect parent holding


Etobicoke Casting: Chrysler’s Latest Metalcasting Investment Chrysler Group LLC, Auburn Hills,


Mich., recently announced it will invest $27.2 million in its Etobicoke Casting Plant in Toronto. The investment in metalcasting is


the third Chrysler has made since May, when it announced it would spend $43 million on new equipment and tooling to expand the Kokomo Casting and Kokomo Transmission manufactur- ing plants. In June, the carmaker an- nounced it would invest another $300 million in its facilities in Kokomo for the production of a new transmission. The company said the investment


in Etobicoke will prepare the plant to produce front and rear crossmembers (structural components in vehicle sus- pension systems that transfer and filter road loads from control arms to vehicle bodies) for future Chrysler vehicles


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starting in the third quarter 2011. The money will be used to secure new tool- ing and equipment and bring in new technologies to improve the quality, testing and inspection processes. The Etobicoke plant currently pro-


duces aluminum die castings and pis- tons for a variety of Chrysler vehicles. “We welcome this investment in


the Etobicoke Casting Plant, as it is an acknowledgement of the high quality components produced by our skilled workforce for many years,” said Michael Butz, Etobicoke plant manager. “Being able to expand our part portfolio better aligns with Chrysler’s long-term product strategy, which ensures the future for this facility.” Etobicoke is a nearly 300,000-sq.-ft. diecasting plant. As part of the invest- ment, 280 jobs will be retained. MC


company of Neenah Foundry Co., which together with its subsidiaries produces iron castings and steel forgings for the heavy municipal market and selected segments of the industrial markets. MC


Wind Caster URV Building in Michigan


URV USA, a subsidiary of a Finnish


supplier of cast iron wind turbine com- ponents, will build a new metalcasting facility in Eaton Rapids, Mich., accord- ing to a statement issued by Michigan Gov. Jennifer Granholm and the Michi- gan Economic Development Corp. The new venture received Centers of


Energy Excellence designation from the state and $3.5 million in funding from the Michigan Strategic Fund. URV will collaborate with Oak Ridge National Laboratory, Oak Ridge, Tenn., to de- velop a new, more cost effective casting process to produce its large, utility-scale wind turbine components. Michigan Technological Univ., Houghton, Mich., will assist with alloy development, cast- ing gating system design and solidifica-


(continued on page 12) MODERN CASTING / September 2010


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