Michigan-based engineered and machined components, Grede, has signed an agreement to take over Neenah Enterprises and its subsidiary Advanced Cast Products.
The terms of the transaction have not been disclosed, but the deal is expected to close by Q3 2021. Cary Wood, chief executive officer at Grede, noted on Jul 20, that the company would largely benefit from the shared commercial vehicle lineup and increased production capacity of cast aluminum components.
Grede’s acquisition will add 220 employees across the company’s North American operations and will also improve consumer outreach.