Neenah Enterprises Signs Agreement To Sell Advanced Cast Products Business To Grede

Neenah Enterprises, Inc., one of America's largest independent foundry companies, announced today that it has signed an agreement to sell the Advanced Cast Products (ACP) business in Meadville, Pennsylvania, and the Neenah Foundry heavy truck business to Grede, a leading producer of the highly engineered cast and machined iron components headquartered in Southfield, Michigan. The agreement's terms were not disclosed. The transaction is expected to close in the third quarter of 2021, pending a final agreement.

The sale includes approximately 250 ACP employees, who will become Grede employees once the transaction is completed. Employees of Neenah Foundry or any other affiliates other than ACP in Meadville are not included in the sale.

The sale of ACP and the heavy truck business is part of NEI's focused strategy to grow the Company's Infrastructure business, 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. Focusing on these more stable markets is critical to its long-term strategy, enabling it to better match capacity to demand and minimize volatility.

About Neenah Enterprises, Inc.
Neenah Enterprises, Inc. is one of North America's most comprehensive infrastructure and industrial manufacturers and one of the largest independent foundry companies. The infrastructure sector and the agricultural, construction, defense, material handling, and mining industries are served by the company. NEI produces gray and ductile iron castings. Manhole covers and frames, drainage gates, and cast-iron trenches are among the company's most recognizable products, which can be seen on roads and airport runways across the United States and worldwide. NEI presently has operations in the United States, including Advanced Cast Products in Meadville, Pennsylvania; Deeter Foundry in Lincoln, Nebraska; Neenah Foundry in Neenah, Wisconsin; Morgan's Welding in Myerstown, Pennsylvania; and Reliance Foundry in Surrey, British Columbia. NEI's dedicated professionals have provided technical solutions to complex issues for our customers and communities for over 150 years.