Grede Holdings LLC, Southfield, Mich., has acquired substantially all the assets of Virginia Casting Industries LLC, Radford, Va.
Renamed Grede Radford LLC, the primarily automotive metalcasting facility becomes Grede's 17th in North America. The acquisition, the terms of which were not disclosed, is Grede’s third in the past 12 months. Current employment at the Radford facility is 170. The company said in a press release it expects to expand the facility to 270 employees in 2013.
"The addition of Grede Radford to our manufacturing footprint is a perfect complement to our strong automotive portfolio of safety-critical parts, including steering knuckles and lower control arms, "said Doug Grimm, Grede's chairman, president and CEO. "It is very similar to our St. Cloud, Minn., foundry."
Last April, Grede acquired NovoCast and Teknik, both based in Monterrey, Mexico. Last November, the casting conglomerate acquired the Paxton Mitchell Corp., Omaha, Neb.
Grede estimates its annual revenues in excess of $1 billion and now has 5, 270 employees among its 17 metalcasting facilities and four machining operations in North America.
