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Grede Acquiring Neenah’s Truck Castings Biz

July 21, 2021
One foundry holding company is buying a plant and a line of business from a rival, working to bring “more balance” its ferrous casting portfolio.

Ferrous-casting holding company Grede is buying the commercial vehicle business and selected other parts of rival Neenah Enterprises Inc. for an unreported price. The purchase includes the Advanced Cast Products, an iron foundry in Meadville, PA, as well as portions of Neenah’s industrial casting business.

The sale is seen closing by the end of Q3.

CEO Cary Wood emphasized that expanding Grede’s activities in the commercial vehicle and industrial products markets will bring more balance to the group’s “end market exposure while demonstrating our commitment to investing in unique capabilities to be a best-in-class supplier to this customer segment."

"The ACP and NEI commercial vehicle and select industrial businesses being acquired are a harmonious fit to Grede's capabilities and manufacturing footprint, while furthering Grede's leadership position within the industry by extending its overall value proposition to our customers through increased capacity and capabilities," stated Cary Wood, CEO of the Grede organization.

About 220 employees from the Meadville foundry will transfer to Grede with the acquisition.

Grede pours ductile iron, gray iron, and specialty iron castings for automotive, commercial vehicle, and industrial manufacturing – operates 10 plants in Alabama, Indiana, Michigan, Minnesota, North Carolina, and Wisconsin. The Neenah Foundry commercial vehicle business will be reassigned to Grede's foundries, including Brewton, AL; New Castle, IN; Reedsburg, WI; and St. Cloud, MN, plants and their fleet of equipment over the course of the next year. 

Advanced Cast Products (ACP) is a ductile iron foundry that includes a heat-treating line for producing austempered ductile iron parts, which the seller has described as “the only salt-to-salt austempering line in the North American foundry market.”

ACP produces iron castings heavy truck, construction equipment, railroad, and mining equipment. Examples of its finished products include shift yokes, pump housings, bearing caps, brackets, and pinions.

"Neenah is transitioning out of the heavy-truck market, and our products are a natural fit with Grede's light vehicle, truck, and Industrial business portfolio,” explained Tom Slabe, president and CEO of Neenah Enterprises.

"As part of our vision to be a forward-thinking company that drives innovation and delivers customer value, Neenah Enterprises is focusing our business to pursue smart growth opportunities for our company, our employees, our customers, and our communities, that enable our future collective success," Slabe said.