Neenah Enterprises Inc. (NEI) announced it has completed the sale of NEI’s Advanced Cast Products (ACP) business in Meadville, Pa., and the heavy truck business of Neenah Foundry to Southfield, Mich.-based Grede. Terms of the agreement were not disclosed.
“We are pleased to have completed this sale, which is part of NEI’s strategy to expand our Infrastructure business, invest in potential new lines, equipment and upgrades, and maintain a more targeted Industrial business with customers in the agricultural, construction, defense, material handling, and mining industries,” said Tom Slabe, Neenah president and CEO.
Slabe also shared his appreciation and confidence in the sale, saying: “We thank the Advanced Cast Products team for their hard work and strong contributions to NEI’s past performance. We believe the ACP employees are in very good hands with Grede. Further, NEI and Grede are working closely together to ensure a seamless transition for ACP and the heavy truck customers.”