INDUSTRY NEWS
Grede’s casting facilities produce ductile iron castings for automotive applications, as well as for heavy truck and equipment.
Grede Holdings Acquired by American Securities Grede Holdings LLC, South-
field, Mich., announced the sale of its operations to private equity firm American Securities LLC, in part- nership with the company’s man- agement team, has been completed. Grede had been majority owned by a private investment fund managed by Wayzata Investment Partners LLC. Financial terms of the transaction were not disclosed. “Grede has established a successful
track record highlighted by strong rev- enue growth, best-in-class operations, reputation for quality and reliability, and our long-standing customer rela-
tionships,” said Doug Grimm, CEO, Grede. “For the next chapter in the company’s evolution, we look forward to partnering with American Securi- ties to continue to expand our business and serve our customers.” Grede produces ductile iron cast-
ings including chassis, suspension and drivetrain components for automotive applications, engineered engine and chassis components for heavy duty truck engines, and large axle housings and other drivetrain components for heavy equipment and agriculture. It operates 17 facilities throughout North America with approximately 4,700
employees. Grede was recently named to Crain’s Detroit Business’ list of the Fastest Growing Companies in south- east Michigan with the fifth highest growth rate in southeast Michigan over the last four years. “Grede is another example of our
focus on identifying superior market- leading businesses,” said Kevin S. Penn, managing director, American Securi- ties. “We are excited to partner with Grede’s exceptional management team, and believe the company’s operational excellence positions it well to benefit from continued growth in the auto and construction markets.”
Cascade Die Casting Advances Expansion Cascade Die Casting Group Inc.,
Grand Rapids, Mich., plans to use a state grant to expand in Sparta and Gaines Township, Mich., according to several news sources It was announced that the Michigan Strategic Fund is
10 | MODERN CASTING July 2014
awarding Cascade Die Casting Group Inc. a grant worth $275,000, in addi- tion to local governmental property tax abatements. It is part of a reported $5.3 million expansion expected to create about 50 jobs.
Cascade Die Casting produces aluminum and zinc alloy die castings for automotive, consumer goods and electronics industries. It currently em- ploys about 400 people at four plants in Michigan and North Carolina.
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