NEENAH, Wis., July 20, 2021 /PRNewswire/ -- Neenah Enterprises, Inc. (NEI), one of America's largest independent foundry companies, today announced that it has signed a definitive agreement to sell the Advanced Cast Products (ACP) business in Meadville, Pennsylvania, and the heavy truck business of Neenah Foundry to Grede, a leading producer of highly engineered cast and machined iron components headquartered in Southfield, Michigan. Terms of the agreement were not disclosed. The sale is expected to close in Q3 of 2021 pending final agreement.
The sale includes all approximately 250 ACP employees, who will become Grede employees once the sale closes. The sale does not include any employees of Neenah Foundry or any other affiliates beyond ACP in Meadville.
"As part of our vision to be a forward-thinking company that drives innovation and delivers customer value, Neenah Enterprises is focusing our business to pursue smart growth opportunities for our company, our employees, our customers, and our communities, that enable our future collective success," said Tom Slabe, President and CEO of Neenah Enterprises, Inc. "Neenah is transitioning out of the heavy truck market, and our products are a natural fit with Grede's light vehicle, truck, and Industrial business portfolio. We are confident our customers and ACP employees will be in very good hands with Grede."
The sale of ACP and the heavy truck business is part of NEI's focused strategy to expand the Company's Infrastructure business, potential new lines, equipment, upgrades and maintain a more targeted Industrial business with customers in the agricultural, construction, defense, material handling, and mining industries. Focusing on these more stable markets is integral to the Company's long-term strategy and will enable the company to better align capacity to demand and reduce volatility.
About Neenah Enterprises, Inc.
Neenah Enterprises, Inc., is one of the most comprehensive infrastructure and industrial manufacturers in North America and is one of the largest independent foundry companies in the U.S. The Company serves the infrastructure market and agricultural, construction, defense, material handling, and mining industries. NEI produces gray and ductile iron castings. The Company's most recognizable products include manhole covers and frames, drainage gates, and cast-iron trenches in roads and airport runways across America and internationally. NEI currently operates facilities across the U.S. including Advanced Cast Products in Meadville, PA.; Deeter Foundry in Lincoln, NE.; Neenah Foundry in Neenah, WI.; Morgan's Welding in Myerstown, PA.; and Reliance Foundry in Surrey, British Columbia. For nearly 150 years, NEI's committed professionals have provided technical solutions to complex problems for our customers and our communities. Additional information about NEI is available on the Company's website at www.nfco.com.
Alex Warren, Director – Marketing and Communications
View original content to download multimedia:https://www.prnewswire.com/news-releases/neenah-enterprises-signs-agreement-to-sell-advanced-cast-products-business-to-grede-301337452.html
SOURCE Neenah Enterprises, Inc.