Grede Holdings LLC, the parent company of 13 U.S. ferrous foundries and machining companies has completed its acquisition of two Grupo Proeza foundries in Mexico. The value of the purchase was not announced.
Both the NovoCast and Teknik foundries are located near Monterrey, Mexico. The NovoCast foundry casts and machines ductile iron components for North American and European manufacturers in the heavy truck, automotive, and industrial markets, including turbocharger housings, differential carriers and cases, wheel hubs, covers, and housings. At one time it operated as a joint venture of Proeza group and the former Grede Foundry organization.
The Proeza group is a Mexican conglomerate with holdings in automotive (structural steel and stamped components for cars and trucks) foundry, satellite, fruit/juice, and health services sectors.
“The acquisition of the NovoCast and Teknik foundries is important for Grede because it expands our manufacturing footprint to allow us to supply key automotive, heavy truck and industrial customers in Mexico with a broad spectrum of ductile and gray iron components,” stated Grede Holdings chairman, president, and CEO Doug Grimm.
Grede Holdings LLC was established in 2010 following the merger of Citation Corp. and Grede LLC. Its U.S. operations also include assets of the former Blackhawk Foundry (USA).