DETROIT -- Grede Holdings is purchasing its third machining company -- GTL Precision Patterns of Biscoe, N.C. -- for an undisclosed sum.
GTL previously had machined castings produced by Grede's foundry. Now Grede will integrate those operations, which will produce components for heavy truck manufacturers such as Daimler Truck, Volvo and Carrier Corp.
The machine shop's 66 employees and former owner, Thomas Schulte-Austum, will remain with the company.
Grede operates 13 foundries and three machining plants in six states.
Grede Holdings, of suburban Detroit, was formed this year when the former Grede Foundries Inc. combined assets with Citation Corp.
Grede ranks 60th on Automotive News' list of the top 150 North American suppliers, with sales to automakers in North American of $523 million in 2009.