Southfield, Mich. Grede Holdings LLC has completed the acquisition of the foundry and machining assets of Paxton-Mitchell Corporation, an industrial foundry and machining facility in Omaha, Nebraska. The facility will be called Grede Omaha LLC and strengthens Gredes position in the heavy truck and industrial markets. Financial terms were not disclosed.
The facility currently employs 75 people and is expected to expand in 2012 as additional business is transferred into Omaha from other Grede foundries.
This latest acquisition represents Gredes commitment to the industrial and heavy truck iron casting market, said Doug Grimm, chairman, president and CEO of Grede Holdings LLC. We have focused on diversifying our business model to weather cyclicality, and now sixty percent of our revenues are derived from non-automotive customers.
About Grede Holdings LLC
Grede Holdings LLC was formed in 2010 through the combination of assets of the former Grede Foundries, Inc., Blackhawk Foundry (USA), and Citation Corporation. With estimated annual revenues approaching $1 billion, the Grede Holdings LLC legacy dates back to 1920 when William J. Grede founded Grede Foundries, Inc. with an iron foundry in Wauwatosa, Wis. Privately-held with headquarters in Southfield, Mich., the company specializes in high quality ductile, gray and specialty iron castings, including lost foam and high silicon molybdenum applications. Grede Holdings LLC has 5,000 employees and operates 16 foundries and four machining operations in North America serving the transportation and industrial markets globally.