WAVERLY — Summit Ag Investors, the asset management arm of Summit Agricultural Group based in Hardin County, will acquire a majority interest in GMT Corp. of Waverly, the companies announced Thursday.
Larry and Jill Graening, who founded GMT in Waverly in 1973, are leaving the business. Jared Graening and Darcy Graening Knights will continue to operate the company, with Jared Graening serving as president and CEO.
“We couldn’t be more excited to partner with Summit,” said Larry Graening. “One of the key components of our succession plan was to partner with a group that understood the importance of continued investment here in Waverly.”
“GMT’s niche of producing the largest, most complex parts for some of the world’s leading equipment companies makes them a crucial part of their customers’ global supply chains. We look forward to working with leadership at GMT. Our objective is to build on the legacy created over the past 46 years and help position the company for continued success,” said Bruce Rastetter, CEO of Summit Agricultural Group.
You have free articles remaining.
GMT makes complex machined and fabricated components for equipment manufacturers in a variety of industries, including agriculture, construction, energy, defense and airport support. The company employs more than 275 at three locations in Waverly, with customers including Deere & Co., Caterpillar, TechnipFMC, Lockheed Martin and JBT AeroTech.
GMT will continue to be based in Waverly. The investment from Summit will expand GMT’s opportunities for growth and enhance GMT’s ability to deliver service and performance to its customers, officials said.
“We are thrilled that GMT will be the first acquisition in our new strategy to invest in Midwestern companies involved in agriculture. We see significant opportunity to expand their capabilities into new markets and geographies,” said Justin Kirchhoff, managing director and head of private equity for Summit Agricultural Group.