Grede Holdings has acquired “substantially all the assets” of Virginia Casting Industries, based in Radford, VA. Terms were not disclosed.
The facility will be renamed Grede Radford LLC and become the 17th Grede foundry in North America.
“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, chairman, president & CEO, Grede Holdings LLC. “It is very similar to our St. Cloud (Minn.) foundry, thereby, increasing our manufacturing capacity for Grede’s strategic automotive customers as demand continues to increase.”
The Radford foundry currently employs 170 and is dedicated to the North American automotive industry. Grede expects employment to expand to 270 in 2013.