CHICAGO Ductile, gray and specialty
iron castings manufacturer Grede Holdings LLC has acquired the
assets of Virginia Casting Industries LLC, Radford, Va., and
will rename the foundry Grede Radford LLC.
Terms of the transaction were
Mich.-based Gredes 17th in North Americaserves
mostly the North American automotive industry and supports many
Tier I suppliers. Grede Radford currently employs 170 workers,
but 100 more are expected to be added in the next year.
"The addition of Grede Radford
to our manufacturing footprint is a perfect complement to our
strong automotive portfolio of safety-critical parts, including
steering knuckles and lower control arms," Grede chairman,
president and chief executive officer Doug Grimm said in a
The transaction marks
Gredes third acquisition in the past year. The company
bought Proeza SA de CVs NovoCast and Teknik foundries in
Monterrey, Mexico, last April; in November, it purchased
industrial foundry and machining facility Paxton-Mitchell Co.,
Omaha, Neb., which was renamed Grede Omaha LLC.
That same month, Grede also entered an exclusive agreement
with Georg Fischer AG to use the Swiss companys SiboDur
lightweight castings technology in the United States, while
Georg Fischer will manufacture on behalf of Grede in Europe and