UPDATED AUGUST 3, 2021

AFS Corporate Member Grede, Southfield, Michigan, has acquired AFS Corporate Member Neenah Enterprises Inc.'s (NEI) commercial vehicle business and the supporting capital assets, select portions of its industrial casting business and the Advanced Cast Products (ACP) business in Meadville, Pennsylvania. The deal closed in late July. 

"The ACP and NEI commercial vehicle and select industrial businesses being acquired are a harmonious fit to Grede's capabilities and manufacturing footprint, while furthering Grede's leadership position within the industry by extending its overall value proposition to our customers through increased capacity and capabilities," said Grede CEO Cary Wood.

"This transaction will allow Grede to further accelerate growth of our business in the commercial vehicle and industrial end markets,” he added, “better balancing our end market exposure while demonstrating our commitment to investing in unique capabilities to be a best-in-class supplier to this customer segment. Importantly, the acquisition brings Grede significantly closer toward achieving our objective of creating a $1 billion+ enterprise serving industry-leading customers across the automotive, commercial vehicle and industrial end markets."

The purchase adds 220 ACP employees to the Grede workforce roster. Over the course of the next year, the company intends to transition the Neenah Foundry commercial vehicle book of business, as well as plants and fleet of equipment, into existing Grede foundries located in Brewton, Alabama; New Castle, Indiana; Reedsburg, Wisconsin; and St. Cloud, Minnesota.

"We look forward to welcoming the employees of Advanced Cast Products into the Grede family,” said Wood. “With this announcement, our customers will gain the benefit of increased capacity and flexibility, innovative engineering resources and the combined talents of our exceptional teams."

NEI will continue to focus on the infrastructure/municipal and targeted industrial markets.