Grede Agrees to Acquire Two Foundries in Mexico

Grede Holdings LLC has reached a definitive agreement to acquire two foundries in Mexico from Grupo Proeza. Grede will acquire the NovoCast and Teknik foundries, both located near Monterrey, Mexico, for an undisclosed sum. The transaction is pending Mexican regulatory approval and is expected to close by the end of the first quarter.

“Grede looks forward to adding the NovoCast and Teknik businesses to its ferrous casting and machining operations,” says Doug Grimm, chairman, president & CEO of Grede Holdings LLC. “We share complimentary product lines and equipment, which will add to our existing manufacturing capacity in support of our customer growth projections in this expanding economy.”