Grede begins operations as independent company
SOUTHFIELD, Mich. — The Grede Foundries iron casting operations announced Monday its first day of operations as an independent company.
As previously announced on Sept. 18, funds managed by Gamut Capital Management, a New York-based private investment firm, agreed to acquire Grede from American Axle & Manufacturing Holdings Inc.
Based in Southfield, Mich., Grede has about 3,800 employees across 10 facilities in Alabama, Indiana, Michigan, Minnesota, North Carolina and Wisconsin. In Kingsford, the foundry is at 801 S. Carpenter Ave.
Grede designs, engineers, validates and manufactures high-quality ductile, gray and specialty iron castings for automotive, commercial and industrial markets.
The company also announced Cary Wood has been appointed CEO. In addition, Paul Suber has been named chief operating officer, Mike Lobbia chief financial officer and Tony Lovell president-head of commercial.
Wood previously had leadership roles at Grede from 2004 to 2008, including COO until he was appointed interim CEO of the Grede predecessor, Citation, before the merger with AAM. He rejoins the company after serving in CEO roles at both public companies and private equity-backed businesses.
Suber comes to Grede from Autokiniton Global Group, where he was executive vice president of operations and business development. Lobbia comes to Grede from General Motors, where he most recently was CFO of global purchasing and supply chain.
Lovell joined Grede in 2009 and most recently was vice president of sales of the casting division under AAM. He also is familiar with operations after having spent a stint in operations as vice president of the industrial and ag group of the casting division.
The Grede legacy dates to 1920, when William J. Grede opened an iron foundry in Wauwatosa, Wis. The company has grown through a series of acquisitions. In February 2010, Grede combined assets with Citation Corporation to create the most diversified foundry company in North America. In August 2014, Metaldyne Performance Group was formed by joining Metaldyne, HHI and Grede, and in 2017, MPG was purchased by American Axle & Manufacturing Holdings Inc.
Gamut Capital Management manages $1.2 billion in assets focused on the middle markets.