INDUSTRY NEWS Bedford Among GM Facilities Receiving Investment
General Motors (Detroit) an- nounced it is investing over $900 million in three facilities. One of them is its Bedford aluminum casting facility in Bedford, Indiana. According to a report from WBIW, GM is investing $37 million and will retain 45 jobs. GM has invested over $330 mil-
lion in Bedford since 2010, accord- ing to the report. “Tis investment in the future recog-
nizes the excellent workforce at Bedford Casting Operations,” said Gareth Jolly, plant manager. “It also demonstrates GM’s collaboration with our UAW and IBEW partners, which reflects how we continue to innovate and bring new powertrain solutions to our customers.” According to WBIW, the Bedford plant employs 870. There are 689 hourly employees and 181 on salary. It was also announced that GM is
closing out ductile iron production at its facility in Defiance, Ohio. Per reports, the production of aluminum engine blocks will continue at the facility.
GM has invested over $330 million in the Bedford casting facility since 2010. American Axle Acquires Metaldyne
American Axle & Manufactur- ing Holdings Inc. (Detroit) and Metaldyne Performance Group Inc. (Southfield, Michigan) announced a merger. AAM will acquire MPG for approximately $1.6 billion in cash and stock. “AAM’s transformational acquisi-
tion of MPG brings together two complementary Tier 1 organizations to create a company with greater scale and increased diversity across products, customers and end mar- kets,” said David C. Dauch, chair- man and CEO, AAM. MPG, which is the parent company
of iron casting company Grede, pro- vides lightweight components for use in powertrain and suspension applica- tions for the global light, commercial and industrial vehicle markets. Te company has over 60 locations in 13 countries, with 12,000 employees. “MPG and AAM share a simi- lar culture and value system, laser
focused on quality, operational excellence and technology leadership, which creates a natural fit and clear path to value creation for stakehold- ers of both companies,” said George Tanopoulos, CEO, MPG. Each share of MPG’s common
stock will be converted into the right to receive $13.50 per share in cash and 0.5 share of AAM common stock. Upon the close of the transac-
tion, AAM’s shareholders will own approximately 70% of the combined company and MPG’s shareholders will own approximately 30%. The transaction has been unani-
mously approved by the boards of directors of both companies and is anticipated to close in the first half of 2017 subject to shareholder and regulatory approval and other cus- tomary closing conditions.
MPG, which is the parent company of Grede, provides lightweight components for use in powertrain and suspension applications.
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