December 18, 2006— Great Lakes Castings has been acquired by Republic Financial Corp., a private investor group. The gray-iron foundry in Luddington, MI, produces castings for the air conditioning, automotive aftermarket, compressor, construction, farm, heating, pumps, refrigeration, and valve markets.
Republic Financial, in a statement, announced it would offer “stability for the business and for the customers of Great Lakes.”
The group's executive vice president, Bob Possehl, stated: "We are excited about investing in Great Lakes and the chance to work with the management team to make a good company even better. Great Lakes has a solid reputation in the manufacturing industry with a strong customer base which will be key in our focus to grow the business and attract new customers."
Republic intends to keep the management of Great Lakes Castings in place, and to provide financial and other expertise to support the management team to meet customer expectations and the pursue strategic growth initiatives.
Rob Killips, president of Great Lakes Casting, stated: "We are very pleased with the stability and support Republic offers to its operating companies. This transaction provides us with an opportunity to improve operations as a benefit not only to our customers but also to the employees who live in the community. We look forward to working with the management team at Republic to grow the business."