Grede Acquires Certain Assets from RMG Waukesha
- Purchase Strengthens Grede’s Position as Iron Castings Leader
- Helps Southfield Company Balance its Portfolio Across Automotive, Commercial Vehicle and Industrial Markets
Southfield, Mich., June 3, 2020 – Grede, the leading developer, manufacturer, assembler and supplier of ductile, gray and specialty iron castings and machined components for automotive, commercial vehicle and industrial markets, today announced it has purchased certain assets of Renaissance Manufacturing Group (RMG) Waukesha, LLC.
The acquisition expands strategic growth for Grede in the commercial vehicle and industrial markets. Grede is an independent company acquired in late 2019 by Gamut Capital Management from American Axle & Manufacturing Holdings, Inc. (AAM). The terms of the RMG transaction were not disclosed.
“Grede is well capitalized and poised for growth within a fragmented and distressed foundry supply base, and this strategic acquisition strengthens our position in the castings industry,” said Grede CEO Cary Wood. “This investment further brings us new customers and aligns with the markets we are serving while expanding the products and materials we produce.”
Wood added that the acquisition helps Grede move closer toward its goal of balancing its portfolio equally among the automotive, commercial vehicle and industrial markets.
RMG acquired the Waukesha foundry from Navistar International Corp. in May 2015. Primarily a ductile iron operation since the early 1980s, the facility also produces austempered ductile iron, high-temperature and abrasion-resistant ferrous alloys and compacted graphite iron. RMG Waukesha, which generated approximately $25 million in revenue in 2019, produces components for light and heavy truck, combustion engine, railroad, construction, agricultural and pump/compressor manufacturing. RMG will continue to operate its other two locations in Grafton, Wisc., and Anniston, Ala.