Citation Corp. and Grede merge, creating $600 million supplier
Sunday, February 7th, 2010
Two foundry companies — Citation Corp. and Grede – merged last Friday with the support of a Minnesota investment bank. The merging will be called the newly-created Grede Holdings, a parts supplier with expected sales in 2010 of $600 million, to be headquartered in suburban Detroit.
The merging came after a series of transactions were completed, combining certain assets of Grede Foundries, Inc. of Milwaukee with Citation Corp. of suburban Detroit. Wayzata Investment Partners will be controlling the new company. Doug Grimm, the former CEO of Citation, will serve as the CEO of Grede Holdings. In a statement, Grimm said that the combination of Citation and Grede creates the most diversified foundry company in North America with one of the strongest balance sheets in the industry. On Dec. 23, the U.S. Bankruptcy Court for the Western District of Wisconsin approved the sale of Grede Foundries, Inc. to Grede, clearing the merging of the two companies.
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