Grede completes acquisition of foundry

Grede Holdings has completed the acquisition of Paxton-Mitchell Corp., an industrial foundry and machining facility in Omaha, NE

Grede Holdings has completed the acquisition of Paxton-Mitchell Corp., an industrial foundry and machining facility in Omaha, NE.

Grede said it has acquired the foundry and machining assets of the company. Terms were not disclosed.

The facility employs 75, Grede said, but expansion of the workforce is likely as additional work is transferred to Omaha from other Grede foundries. The facility will be called Grede Omaha.

“This latest acquisition represents Grede’s commitment to the industrial and heavy truck iron casting market,” said Doug Grimm, chairman, president & CEO of Grede Holdings LLC. “We have focused on diversifying our business model to weather cyclicality, and now 60% of our revenues are derived from non-automotive customers.”

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