Manufacturer divests business
A metal stamping company in the region has sold its out-of-state business to a local auto supplier.
Bridgman-based Great Lakes Metal Stamping, or GLMS, divested its Cusseta, Alabama business to Walker-based Challenge Manufacturing Company, according to Grand Rapids-based BlueWater Partners.
Terms of the deal were not disclosed.
The transaction will enable GLMS to focus on its core business and Challenge to expand its footprint into the southeast United States, BlueWater Partners said.
The divestiture includes about 65 employees, a 90,000-square-foot facility and eight press lines and support equipment.
BlueWater Partners served as the exclusive financial adviser, and Dickinson Wright acted as the legal counsel to GLMS for the transaction.
The companies did not respond to requests for comment at press time.
Great Lakes Metal Stamping
Founded in 1995, Great Lakes Metal Stamping is a full-service supplier of precision metal formed products to the appliance, automotive and consumer products markets.
From concept to launch, GLMS can supply prototype, low-volume and high-volume stamped products. Core processes include stamping, resistance and robotic welding and assembly.
Challenge Manufacturing Co.
Founded in 1981, Challenge supplies welded assemblies and engineered metal formed products to the global automotive industry.
Challenge employs about 3,500 team members across 10 locations in North America and Asia.