Grede Buys North Carolina Machining Operation

Dec. 3, 2010
GTL Precision Patterns expands ferrous foundry groups value-adding service
Grede Holdings LLC is buying a North Carolina machining operation, extending its network of operation that already includes 13 foundries in the Midwest and South, and two machining centers in Wisconsin. GTL Precision Patterns is located near Grede’s Briscoe, NC, foundry, and already has a working arrangement with that plant. “I am excited about adding a southern machining operation to our company,” said Grede chairman, president, and CEO Doug Grimm. “This will enhance the value-add we offer our customers in the region.” Grimm said GTL will adopt the Grede name and continue to machine components for the foundry’s truck and industrial customers, including Daimler Truck, Volvo/Mack, and Carrier Corp. The value of the purchase has not been released. The seller is Thomas Schulte-Austum, who will remain with the organization. GTL has 66 employees, who also remain with the Grede organization. Grede Holdings LLC was established earlier this year following the acquisition of Grede Foundries Inc. by Citation Corp. The group produces ductile iron, gray iron, and specialty iron castings, including lost foam and high-silicon molybdenum products.