INDUSTRY NEWS
Grede Announces MN Expansion Plans, IPO Through Holding Co. Grede Holdings LLC, Southfield,
Mich., has announced plans to add ap- proximately 32,000 sq. ft. to its operation in St. Cloud, Minn. According to ABC Eyewitness News, the plans call for it to be ready by fall 2015. Te $17.5 million investment, which includes adding an automated molding
machine to output 400 molds per hour, is projected to add 180 jobs to the plant’s staff of 330. Grede St. Cloud currently produces more than 85,000 tons of cast- ings per year. Separately, Plymouth, Mich.-based
Metaldyne Performance Group Inc. (MPG), the holding company of Grede
Holdings, has announced pricing for an initial public offering (IPO) of 10 million shares of common stock. “Te IPO will further strengthen MPG and Grede’s position as leaders in the metal-forming industry,” said Doug Grimm, CEO of Grede and copresident, MPG. “Tis public offering will provide us with additional flexibility to raise capi- tal in the future to serve our customers and continue to expand our business.” Grede manufactures cast, machined and assembled components for the light and commercial vehicle and industrial end markets. It develops and produces lightweight, ultra-high-strength cast ductile iron components for automo- tive and commercial vehicle chassis and powertrain applications. MPG, which is majority-owned by
private equity firm American Securities LLC, provides engineered components for use in powertrain and safety-critical platforms for light, commercial and industrial vehicles. Grede Holdings has 4,600
employees and operates 14 foundries and three machining operations in North America serving global transportation and industrial markets.
NEWSCAST Avalon Precision Metalsmiths is
closing its Euclid, Ohio, plant, as re- ported by the Cleveland Plain Dealer. Te company is encouraging employees to apply for open positions at its facility 15 minutes from Euclid. It has three plants and a total of approximately 300 em- ployees. Avalon Precision Metalsmiths is an investment caster serving pump and valve customers such as Parker Hannifin, Caterpillar and Boeing.
Bradken, a global metalcaster
headquartered in Australia, announced plans to shut down its operations in Chehalis, Wash. Te Lewis County Chronicle reported 91 employees will be effected, although some of the work will shift to the company’s facility in Tacoma. Bradken has seen slowing demand primarily in the min- ing industry.
10 | MODERN CASTING February 2015
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