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INDUSTRY NEWS Around the World (continued from page 11)


European Equity Group Buys Portion of China-Based Modern Metal & Precision Modern Metal makes aluminum die


to grow rapidly in the next 10 years, and we are well-positioned to benefit from this secular growth trend.”


castings primarily for the automotive, climate control and industrial automa- tion markets. The company currently


operates two plants in Dongguan and is planning to build a new plant in China. Modern Metal had sales of ap- proximately $75 million in the financial year ended March 31, 2010. “EQT is a major international private


equity firm with significant experience in industrial investments in Europe and Asia,” Fung said. “As our partner, we believe EQT Greater China will bring tremendous support to Modern Metal.” According to a spokesperson for


EQT, the equity group made the in- vestment in anticipation of growth in the Chinese automotive market and increased outsourcing to China by global companies.


MC North America


Third Grede Facility Awarded Caterpillar Certification


(continued from page 13)


backhoe loaders, as well as hubs, caps, links and covers for its construction/min- ing equipment and large dump trucks. “We are very excited to once again


be honored by Caterpillar, one of our largest customers, with this presti- gious certification,” said Todd Heavin, Grede’s senior vice president and chief operating officer. The St. Cloud facility is the third


Grede facility to earn Caterpillar’s SQEP certification. In 2010, the company’s Bessemer, Ala., plant earned the award in addition to New Castle. At the time of the New Castle certification in Novem- ber 2010, Grede announced it expected more certifications were coming. “It’s an important award for us


because it means the facilities receive preferred status on new business,” Heavin said at the time of the last award. Grede Holdings specializes in duc-


tile, gray and specialty iron castings. The company has 3,700 employees and operates 13 metalcasting facilities and three machining operations serving the transportation and industrial markets. MC


16 MODERN CASTING / February 2011


Visit MODERN CASTING’s Late-Breaking Metalcasting News at www.moderncasting.com


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