Grede Holdings LLChas received a Corporate Rating and Term Loan B rating of B+/Stable from Standard & Poor's Ratings Services, and a Corporate Family Rating and Term Loan B rating of B1 from Moody's Investors Service.
"These ratings are evidence of the confidence in the marketplace in Grede's strategy and our ability to move forward successfully," said Lou Lavorata, senior vice president and chief financial officer, Grede Holdings LLC. "We are a stable, financially sound company and have made substantial progress since the formation of Grede Holdings LLC in February 2010. Our diverse iron casting and machining capabilities coupled with our talented people point to a very solid future."
About Grede Holdings LLC
Grede Holdings LLC was formed in 2010 through the combination of assets of the former Grede Foundries, Inc., Blackhawk Foundry (USA), and Citation Corporation. With estimated annual revenues in excess of $735 million, the Grede Holdings LLC legacy dates back to 1920 when William J. Grede founded Grede Foundries, Inc. with an iron foundry in Wauwatosa, Wis. Privately-held with headquarters in Southfield, Mich., the company specializes in high quality ductile, gray and specialty iron castings, including lost foam and high silicon molybdenum applications. Grede Holdings LLC has 3,800 employees and operates 13 foundries and three machining operations in the United States serving the transportation and industrial markets globally.
Contacts:
The Millerschin Group
Media Contact:
Erin Millerschin
248-276-1970
(work)
248-701-5828 (cell)
emillerschin@millerschingroup.com
