Weekly Update – February 9, 2010
This Week's Metalcasting News Review
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Citation and Grede Complete Merger
Two ferrous foundry groups, Citation Corp. and Grede LLC, have
completed a merger of their holdings, leading to the establishment of a
new company, Grede Holdings LLC. The new organization will be headed by
Citation Corp. president chief executive Doug Grimm and headquartered in
Novi, MI.
Read more
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Chapter 11 for Neenah Enterprises
Neenah Enterprises Inc., the parent of Neenah Foundry Co., has filed
for bankruptcy and will seek to reorganize under Chapter 11 of the U.S.
Bankruptcy Code. The Chapter 11 claim covers NEI and 17 affiliates. In
the filing, Neenah indicates its assets are valued at $286.6 million and
its debts total $449.1 million, as of Sept. 30, 2009.
Read more
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U.S. Pipe to Close North Birmingham
Foundry
Mueller Water Products Inc. will close its U.S. Pipe and Foundry Co.
LLC ductile-iron pipe plant in North Birmingham, AL, by March 31,
eliminating approximately 260 positions. U.S. Pipe foundries in
Bessemer, AL, and Union City, CA will assume production orders from the
plant.
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Strike Settled at Wisconsin Aluminum
Foundry
The resolution apparently does not include a “successor clause,”
which would require any new owner of the foundry to adhere to the terms
of the contract, and which the unions originally indicated was the
sticking point to reaching a new agreement.
Read more
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