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Grede Foundries purchases Indiana foundry.

Grede Foundries Purchases Indiana Foundry

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 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 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 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, 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 industries. The company employs more than 2000 employees at its other ten foundries in Wisconsin, Michigan, Kansas, South Carolina and Kentucky and with the New Castle foundry will have an overall casting capacity of about 1200 tons per day.
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Publication:Modern Casting
Date:Jul 1, 1989
Previous Article:EC 1992: the writing's on the wall.
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