Grede Foundries purchases Indiana foundry.Grede Foundries Purchases Indiana Foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. Grede Foundries, Inc, headquartered in Milwaukee, WI, has purchased the assets of Dana Corp's foundry at New Castle, IN, which has been closed since February of this year. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bruce E. Jacobs, president of Grede, his firm expects to have the facility in partial operation by midsummer, providing substantial new capacity to serve Grede's ductile iron Ductile iron, also called ductile cast iron or nodular cast iron, is a type of cast iron invented in 1943 by Keith Millis[1]. While most varieties of cast iron are brittle, ductile iron is much more ductile, as the name implies. customers. "We look forward to establishing the same strong community ties in New Castle that we have at our other foundry locations," Jacobs said. "We have built our reputation by serving our customers well, providing our employees with opportunities to excel and by striving to be good citizens where we work." The Indiana foundry, to be operated as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Grede Foundries, Inc, under the name Grede New Castle, is expected to employ about 140 people within the first year after the purchase. Grede expects to move about six people to New Castle from its other locations to facilitate the startup. Employment of more than 200 is anticipated when the plant reaches full capacity within about three years. With the purchase, Grede has acquired two Osborn in-line high pressure molding machines (Woodworking) A planing machine for making moldings (Founding) A machine to assist in making molds for castings. See also: Molding Molding , each of which can produce 120 molds per hour, and four coreless electric melting furnaces. Initial production at Grede New Castle will be automotive castings, such as those presently produced at Grede's Reedsburg, WI, facility. The New Castle foundry has the capacity to turn out about 140 tons of ductile iron castings a day. Established in 1920 and now one of the nation's largest independent jobbing foundries, Grede produces gray iron, ductile iron and steel for the automotive, appliance, construction machinery and hydraulic valve (Mach.) A valve for regulating the distribution of water in the cylinders of hydraulic elevators, cranes, etc. (Gas Works) An inverted cup with a partition dipping into water, for opening or closing communication between two gas mains, the open ends of which protrude industries. The company employs more than 2000 employees at its other ten foundries in Wisconsin, Michigan, Kansas, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Kentucky and with the New Castle foundry will have an overall casting capacity of about 1200 tons per day. |
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