American Axle & Manufacturing Holdings Inc. (AAM) entered into a definitive agreement to sell its U.S. iron casting operations (Grede) to funds managed by Gamut Capital Management for $245 million. Across 10 manufacturing facilities, Grede develops, manufactures, assembles and supplies ductile, gray and specialty iron castings and machined components for the automotive, commercial vehicle and industrial markets. AAM will retain its El Carmen, Mexico, iron casting operations.
Nucor Corp. acquired Corporacion POK S.A. de C.V. (POK), a fully integrated precision castings company with a facility in Guadalajara, Mexico. POK produces complex castings using steel, bronze, iron and specialty exotic alloys and precision-machined products used by the oil-and-gas and mining industries. The company complements Nucor's acquisition of a cold-finish facility in Monterrey last year.
Caterpillar will open a casting facility in Greenwood County, S.C., in early 2019. The $13.5 million investment is expected to create 85 new jobs. The 103,000-square-foot facility will produce specialty castings used in a variety of engines and transmissions within the Caterpillar product line. It will also supplement the production of existing castings elsewhere in the Caterpillar production network.
Consolidated Precision Products (CPP), a manufacturer of highly engineered components and sub-assemblies primarily for the commercial aerospace and defense markets, reached a definitive agreement to acquire Selmet Inc. Selmet, which manufactures titanium castings and machined components for the aerospace and defense industries, operates a state-of-the-art investment casting foundry in Albany, Ore.
Hitchiner Manufacturing Co. Inc. plans to invest $50 million to expand its New Hampshire operations. The project calls for the construction of a new 85,000-square-foot facility and the creation of approximately 85 new jobs. Hitchiner Manufacturing produces investment castings for the aerospace, defense and automotive industries.
Shiloh Industries Inc. entered into two definitive agreements with Brabant Alucast Services B.V. to acquire both Brabant Alucast Italy and Brabant Alucast Netherlands. The acquisition complements the company’s global footprint and expands into aluminum and existing magnesium casting and stamping capabilities. It also provides for necessary growth capacity in Europe.
Desire for electric cars is quickly gaining consumer momentum, and automakers are rapidly shifting focus to developing affordable, efficient electric vehicles (EVs) for the mass market. This is where aluminum structural components will further serve the automotive industry.
Check out the October 2019 issue of Industrial Heating, featuring the "High-Temperature Refractory Maintenance", "How to Tell if You Really Have an Abrasion Problem", "Direct-Fired Gas Burners for High-Temperature Applications", and much more.