Grede Holdings LLC has completed the acquisition of the foundry and machining assets of Paxton-Mitchell Corporation, an industrial foundry and machining facility in Omaha, NE. The facility will be called Grede Omaha LLC and strengthens Grede’s position in the heavy truck and industrial markets. Financial terms were not disclosed.
The facility currently employs 75 people and is expected to expand in 2012 as additional business is transferred into Omaha from other Grede foundries.
“This latest acquisition represents Grede’s commitment to the industrial and heavy truck iron casting market,” says Doug Grimm, chairman, president and 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.”