Grede, a leading producer of highly engineered casts and machined iron components based in Southfield, has acquired the advanced cast product business in Meadeville, Pa. from Neenah Enterprises Inc. Financial terms of the agreement were not disclosed.
Grede operates in the automotive, commercial truck, and industrial markets around the U.S. Its light vehicle metal casting components, including parts for brake, powertrain, chassis, and suspension. It produces frame attachments and fuel delivery components for commercial trucks, and a wide array of construction, rail, and agricultural services.
“We are pleased to have completed this sale, which is part of NEI’s strategy to expand our infrastructure business, invest in potential new lines, equipment, and upgrades, and maintain a more targeted Industrial business with customers in the agricultural, construction, defense, material handling, and mining industries,” says Tom Slabe, president and CEO of Neenah Enterprises.
The deal follows Grede’s acquisition of the commercial vehicle business and the supporting capital assets along with select portions of its industrial casting business and the advanced cast products business from Neenah Enterprises on July, 20. With this transaction, Grede has now purchased all the advanced cast products business from Neenah.
“We thank the Advanced Cast Products team for their hard work and strong contributions to NEI’s past performance. We believe the ACP employees are in very good hands with Grede. Further, NEI and Grede are working closely together to ensure a seamless transition for ACP and the heavy truck customers,” says Slabe.
For nearly 150 years, NEI has provided technical solutions to complex problems for customers, by producing gray and ductile iron castings, including manhole covers and frames, drainage gates, and cast-iron trenches in roads and airport runways across the U.S.