Brewton foundry under new ownership in 2020
For the first time in nearly a decade, Grede is an independent company.
According to a recent press release, the ownership was established Dec. 16, 2019.
With a foundry located in Brewton, Grede is 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 its first day of operations as an independent company.
As previously announced on September 18th, funds managed by Gamut Capital Management (“Gamut”), a New York-based private investment firm, agreed to acquire Grede from American Axle & Manufacturing Holdings, Inc. (“AAM”).
Based in Southfield, Mich., Grede has approximately 3,800 employees across 10 facilities, one of which is located in Brewton.
The company also announced that Cary Wood has been appointed Chief Executive Officer. In addition, Paul Suber has been named Chief Operating Officer, Mike Lobbia has been named Chief Financial Officer and Tony Lovell has been named President-Head of Commercial.
“I’m honored to be part of Grede again with its proud history and promising future,” said Wood. “Gamut is a true partner and they recognize the value we provide our customers as well as the many growth opportunities across our business. Further, Gamut has taken a disciplined approach to provide maximum capital structure flexibility for the company to navigate the marketplace, and is fully committed to supporting Grede with further investment in organic and inorganic growth opportunities. Together we will set high standards for Grede and hold ourselves accountable to our customers, partners and employees. We must set the bar high if we’re going to compete in today’s market. We have a goal of not just being ‘a leader’ but ‘THE leader’ in metal castings in our markets.”
Jordan Zaken, founding partner of Gamut, added: “For nearly a century, Grede has been an industry leader in iron casting for the transportation industry. We are excited to be part of the next chapter of Grede’s rich history and support its dedicated employees in the pursuit of operational excellence and best-in-class delivery for its customers.”