Source: Grede announcement
SOUTHFIELD, Mich. — Grede, a leading producer of highly engineered cast and machined iron components, announced that it has completed the acquisition of Neenah Enterprises, Inc. (NEI) Advanced Cast Products (ACP) business in Meadville, Penn., select industrial business and the commercial vehicle business of Neenah Foundry.
“By completing this acquisition, Grede’s capabilities and manufacturing footprint will expand and further our leadership position within the industry,” said Grede CEO Cary Wood. “This acquisition is a central part of Grede’s strategy to provide our customers the benefit of increased capacity and flexibility, innovative engineering resources and the combined talents of our exceptional teams.”
Grede Now Operating as an Independent Company
Through the acquisition, Grede will add approximately 250 ACP employees in Meadville as well as all ACP operations. Grede will transition the Wisconsin-based Neenah Foundry commercial vehicle book of business into Grede’s other existing foundries, including Brewton, Ala., New Castle, Ind.; Reedsburg, Wisc., and St. Cloud, Minn., plants and their fleet of equipment over the course of the next year.
Definitive transaction documents for the transaction were signed on July 19, 2021. The transition period will begin immediately, with additional updates to follow. Kirkland & Ellis LLP served as Grede’s legal advisor.
Grede is an independent company that designs, engineers, validates and manufactures high-quality ductile, gray and specialty iron castings for automotive, commercial and industrial markets. Headquartered in Southfield, Mich., Grede offers complete precision machining and finishing services, as well as the assembly of diverse components into complete systems. It has nine facilities in the U.S. with approximately 2,700 employees.