Grede Foundaries enters into asset purchase agreement, asks for auction approval

Milwaukee-based Grede Foundries has asked a federal bankruptcy court to approve a timeline for auction of the company after reaching an asset purchase agreement with an affiliate of Wayzata Investment Partners LLC of Minnesota which will serve as the “stalking horse” or opening bid in the auction.

“Additional parties have expressed a strong interest in purchasing our company, and our request to the court is the next step in the process that we expect will lead to a sale of the company to the highest bidder before the year’s end,” says Richard Koenings, Grede board chairman. “The reorganization efforts we have undertaken in the last five months have strengthened our company and returned it to profitability, which has attracted the interest we have seen.”

Grede filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Wisconsin in June. In this latest filing, the company asked the court to hold a Nov. 16 hearing on its timeline proposal. The proposed schedule calls for the auction to conclude by Dec. 9 and for a closing by Dec. 31, 2009.

“We anticipate there will be several substantive offers for the company, and our goal will be to get the best value possible,” Koenings says. “With the structuring changes we have made and continuing indications that the economy may be rebounding, this is an excellent time to move this process forward and to an appropriate and successful conclusion.”

MOVERS

>> Citizens Bank Business Finance has appointed of Philip Ostroski as senior vice president and business development officer.

>> A/E Graphics recently named Charles Henika account manager for its Brookfield and Milwaukee offices.

>> Milwaukee School of Engineering has added the following full-time professors: Dr. Matthew Trussoni, assistant professor, Architectural Engineering and Building Construction Department; Dr. Kathy S. Faggiani, professor, Rader School of Business; Dr. Olga Imas, assistant professor, Electrical Engineering and Computer Science Department; Bharathwaj (Bart) Muthuswamy, assistant professor, Electrical Engineering and Computer Science Department; Dr. Cory Prust, assistant professor, Electrical Engineering and Computer Science Department; Michael Carriere, assistant professor, General Studies Department; Dr. Alicia Domack, assistant professor, General Studies Department; and Mary Jo Noble, assistant professor, School of Nursing.

>> Christian Tscheschlok, CEcD is the new executive director at Economic Development/ Washington County.

>> Richard D. Pierce, CFM, has joined Eppstein Uhen Architects as a facility planner.

>> Godfrey & Kahn has added Megan E. Bern to the Securities Practice Group in the firm’s Milwaukee office.

BUSINESS BRIEFS

BURLINGTON: HGI Company has received a “Best of the Best Workplace” designation from Printing Industries of America for achievements in creating an outstanding workplace for employees. This was HGI Company’s second consecutive award in the competition encompassing all three of their manufacturing locations. Comprised of four operating divisions, Hi-Liter Graphics, Plus Digital Print, Inland Graphics and Tempt, HGI Company is a full service multi-faceted commercial printing company.

MILWAUKEE: Vollrath Associates Inc. has formed a new practice, EcoVAntage,” which assists clients in communicating their environmental programs and services to their target audiences. “We believe it is important that companies and organizations that offer innovative cleantech and environmental/energy products and services communicate and promote these services to their target audiences to differentiate themselves in today’s competitive marketplace,” says Jessica Vollrath, account supervisor at the firm. “Many companies today are practicing environmental responsibility but are not communicating their messages and capabilities.”

WHITEFISH BAY: Jessica Jubelirer of Jessica Jubelirer Design was awarded the “Ones to Watch” Award by the Merchandise Mart of Chicago. The annual award is presented to three designers who have demonstrated creativity, originality and overall great design and whose unique flair has brought them to the forefront of the interior design industry. She is the only Milwaukee area designer to have received the award since its inception.

ELM GROVE: A new pro-bono program from the world’s top business and executive coaching firm is having a real impact locally, thanks to collaboration between The Guest House of Milwaukee and the Elm Grove office of ActionCOACH. The Guest House of Milwaukee, a transitional housing program, provides shelter, housing, education and service to Milwaukee’s homeless seeking to transform their lives. ActionCOACH Business Coach Tom Palzewicz is working with Guest House’s staff to deploy systems in the organization, find funding and help recruit qualified employees.