Released on December 22, 2008

Grede Foundries, Milwaukee, announced the agreement to sell its principal operating plants to an affiliate of Wayzata Investment Partners LLC, Wayzata, Minn., has been approved and should close in late January or February 2010.

Grede filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in late June. In November, the company announced it had reached a purchase agreement with the Wayzata affiliate that would serve as the “stalking horse” or opening bid in an auction for the company.

The transaction, which was approved by the U.S. Bankruptcy Court for the Western District of Wisconsin, includes Grede’s corporate headquarters in Milwaukee and metalcasting facilities in Wauwatosa, Wis., Reedsburg, Wis., St. Cloud, Minn., Wichita, Kan., New Castle, Ind., and Iron Mountain/Kingsford, Mich.

Koenings said the Grede facilities in Greenwood, S.C., and Vassar, Mich., were not part of the Wayzata sale package. The Greenwood plant has been closed for several months.  The Vassar facility was sold to Revstone Industries, Lexington, Ky., last week and continues to operate. All non-management Grede manufacturing employees at Vassar were urged to reapply for their positions with Revstone, and all who applied were hired, Koenings said.

“We have taken significant steps forward, and great credit must be given to all of our employees,” Koenings said. “They have put forth exemplary effort under extremely challenging circumstances.”

Wayzata Investment Partners is a manager of private investment funds with more than $5 billion in assets under management. Grede specializes in ferrous metals and serves the automotive, heavy truck, appliance and industrial markets.