SOUTHFIELD, Mich. — Grede, a leading developer, manufacturer assembler and supplier of ductile, gray, and specialty iron castings and machined components for automotive, commercial vehicle and industrial markets, has announced its first day of operations as an independent company.
As announced September 18th, funds managed by Gamut Capital Management (“Gamut”), a New York-based private investment firm, agreed to acquire Grede from American Axle & Manufacturing Holdings, Inc. (“AAM”).
Based in Southfield, Mich., Grede has approximately 3,800 employees across 10 facilities in Alabama, Indiana, Michigan, Minnesota, North Carolina and Wisconsin. The company has a long history of success dating back to its founding in 1920 when William J. Grede purchased Liberty Foundry near Milwaukee.
The company also announced that Cary Wood has been appointed Chief Executive Officer. In addition, Paul Suber has been named Chief Operating Officer, Mike Lobbia has been named Chief Financial Officer and Tony Lovell has been named President-Head of Commercial.
Wood previously held leadership roles at Grede from 2004 to 2008, including COO until he was appointed interim CEO of the Grede predecessor, Citation, prior to the merger with AAM. He rejoins the company after serving in CEO roles at both public companies and private equity-backed businesses.
Suber joins Grede from Autokiniton Global Group, where he served as Executive Vice President of Operations and Business Development. Lobbia comes to Grede from General Motors, where he most recently served as CFO of Global Purchasing & Supply Chain. Lovell joined Grede in 2009 and most recently served as Vice President of Sales of the Casting division under AAM. He is also familiar with operations after having spent a stint in Operations as the Vice President of the Industrial & Ag Group of the Casting division.
“I’m honored to be part of Grede again with its proud history and promising future,” said Wood. “Gamut is a true partner and they recognize the value we provide our customers as well as the many growth opportunities across our business. Further, Gamut has taken a disciplined approach to provide maximum capital structure flexibility for the company to navigate the marketplace and is fully committed to supporting Grede with further investment in organic and inorganic growth opportunities.