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                                                                    EXHIBIT 10.6









                             NEENAH FOUNDRY COMPANY

                                    1995-1997
                         COLLECTIVE BARGAINING AGREEMENT

                                      WITH

             THE INDEPENDENT PATTERNMAKERS UNION OF NEENAH WISCONSIN


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                                TABLE OF CONTENTS

                                                                            Page
ARTICLE 1 - RECOGNITION....................................................   1
ARTICLE 2 - HOURS OF WORK..................................................   2
ARTICLE 3 - VACATIONS......................................................   3
ARTICLE 4 - SENIORITY......................................................   5
ARTICLE 5 - GRIEVANCES.....................................................   6
ARTICLE 6 - DISCHARGE AND DISCIPLINE.......................................   8
ARTICLE 7 - WAGES..........................................................   9
ARTICLE 8 - TRANSFERS AND PROMOTIONS.......................................  10
ARTICLE 9 - LEAVES OF ABSENCE..............................................  12
ARTICLE 10 - MANAGEMENT....................................................  12
ARTICLE 11 - NO STRIKE - NO LOCKOUT........................................  12
ARTICLE 12 - FUNERAL LEAVE.................................................  13
ARTICLE 13 - GENERAL.......................................................  13
ARTICLE 14 - PENSIONS......................................................  15
ARTICLE 15 - INSURANCE.....................................................  16
ARTICLE 16 - TERMINATION CLAUSE............................................  16


                                      -iii-
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                                    1995-1997
                                    AGREEMENT

         This AGREEMENT made and entered into between the NEENAH FOUNDRY
COMPANY, Neenah, Wisconsin, and its successors, party of the first part, and
Independent Pattern Makers Union of Neenah, Wisconsin and its successors, party
of the second part.


                             ARTICLE 1 - RECOGNITION

1.1      The Company recognizes the Independent Pattern Makers Union of Neenah,
Wisconsin as the sole bargaining agency for all pattern makers, pattern maker
apprentices, and pattern maintenance employees of the Company's pattern shops
located at Plants 1, 2 and 3, and the Neenah Foundry Pattern Shop, Neenah,
Wisconsin, relative to wages, hours, and working conditions as provided by the
National Labor Relations Act. The above employees shall be considered as a
single bargaining unit for purposes of this agreement.

1.2      The Company and the Union will comply with all applicable Federal and
State Statutes concerning discrimination in employment. Wherever the words he,
him, his or other such male gender references appear in this Agreement, such
references shall include and will apply equally to the female gender.

1.3      All employees who as of the effective date of this Agreement are
members of the Union in accordance with its constitution and by-laws and all
employees who become members after that date, shell, as a condition of
Employment, maintain their membership in the Union for the duration of this
contract.

         A. All employees hired on or after the effective date of this Agreement
shall join and become members of' the Union no later than their 31st day of
employment or no later than 31 days after the execution of this Agreement,
whichever is later, and shall, as a condition of employment, maintain their
membership in the Union for the duration of this contract.

1.4      The Company agrees to check off the Union dues of such employees who
authorize the same, in writing, in the manner and form set forth in Exhibit "B"
which is attached hereto and made a part hereof. The Company will remit such
dues so collected to the person or persons designated by the Union by the 12th
day of each month, for all dues collected the first payday of each month. The
written authorization for check-off of dues by any employee will not be
effective for any dues or fees owing by such employee prior to the date of the
signed authorization executed by him and delivered to the Company and will be
effective the first payday of the month following the delivery of such signed
authorization to the Company.

The Company also agrees to check off fees or special assessments similarly upon
proper presentation of individual signed authorization forms directing the
Company to withhold from wages and pay to the Independent Pattern Makers Union
of Neenah, Wisconsin.


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1.5      All new employees shall serve a probationary period of thirty (30) days
worked. Probationary employees shall have no seniority rights and may be
released at any time prior to the expiration of the probationary period. If they
are retained at the expiration of the probationary period, their seniority shall
be from the date of hire.


                            ARTICLE 2 - HOURS OF WORK

2.1      Eight (8) hours shall constitute a day's work and there shall be a
recognized starting and quitting time which shall determine the overtime, if
any.

2.2      Except as hereinafter provided, all time in excess of eight (8) hours
in any one day or forty (40) hours in any one week, shall be paid for at the
rate of one and one-half times the regular hourly earnings computed on the basis
of the average straight time weekly earnings excluding overtime premium of any
kind and pay received for hours not worked. Such overtime shall be paid for time
in excess of eight (8) hours in any one day or forty (40) hours in any one week,
whichever is greater, but not for both, so that payment of overtime rates shall
not be duplicated for the sane hours worked.

2.3      Saturday Work - is to be paid at the rate of one and one-half times the
regular rate. However, if the third shift begins on Friday and extends into
Saturday, the regular rate shall be paid.

2.4      Sunday Work - is to be paid at the rate of double time. However, if the
third shift begins on Sunday and extends into Monday, the regular rate shall be
paid.

2.5      Sixth Day of Work - Third shift employees who start their work week on
Sunday and are scheduled to work on a sixth consecutive work day, will be paid
at the rate of one and one half times the regular rate for all hours worked on
the sixth consecutive shift.

2.6      All employees will be allowed a ten (10) minute lunch period at an
established time during the first half of each shift. The dinner period shall be
a minimum of one-half (1/2) hour.

2.7      Any employee who is required to start work before his scheduled
starting time shall be permitted to work until his scheduled quitting time,
until he is assigned a new work schedule.

2.8      It is mutually agreed that the working hours and overtime schedule
provided for in this Agreement shall be governed by all applicable Federal Laws.

2.9      Reporting Pay - When employees are required to report to work or have
not been advised at the end of the previous day that there will be no work, they
shall be given a minimum of four (4) hours employment or a minimum of four (4)
hours pay at their regular straight time hourly earnings, before being dismissed
for the day, provided however, that the Company shall not be liable under this
section for unavoidable breakdowns of machinery, power failure, acts of God or
conditions beyond the control of the Management.


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2.10     Call-In Pay. Employees called in for work before the regular shift
begins or after it ends on an emergency basis shall receive two (2) hours
straight time pay plus pay at the appropriate rate for time worked.

2.11     Overtime Notification - Notice of scheduled Saturday or Sunday overtime
will given to the employee(s) affected by no later than the end of his (their)
scheduled shift on Thursday preceding the weekend.

         A.       When the scheduled of a shop is to be changed, the Company
shall notify the shop employee(s) affected prior to the end of his (their) shift
on the preceding day.

         B.       Employees may be notified by bulletin board notice and/or
personal communication. Employees so scheduled to work will be expected to work
as scheduled unless excused in advance by their supervisor. Should the Company
fail to provide such advance notice of weekend or shop schedule changes, the
employee or employees affected are free to reject the opportunity to work at the
time it is offered.

         C.       It is understood that the preceding paragraphs are not
applicable 'to casual or emergency overtime on a daily basis.


                              ARTICLE 3 - VACATIONS

3.1      The Company will grant paid vacations to employees covered by this
contract during each year as follows:

         A.       Except as hereinafter provided, each employee on the active
payroll on June 1 in any year who has completed one (1) year or more of
continuous service shall be granted a paid vacation.

                  1.       Employees with one year but less than three years of
                           service on June 1 will be entitled to one week of
                           vacation.

                  2.       Employees with three years but less than eight years
                           of service on June 1 will be entitled to two weeks of
                           vacation.

                  3.       Employees with eight years but less than fourteen
                           years of service on June 1 will be entitled to three
                           weeks of vacation.

                  4.       Employees with fourteen years but less than twenty
                           years of service on June 1 will be entitled to four
                           weeks of vacation.


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                  5.       Employees with twenty years but less than
                           twenty-eight years of service on June 1 will be
                           entitled to five weeks of vacation.

                  6.       Employees with twenty-eight years or more of service
                           on June 1 will be entitled to six weeks of vacation.

3.2      June 1 shall be the anniversary date for all employees for the purpose
of determining vacation eligibility. Employees hired on or after June 1 and
before November 1 shall have June 1 as an anniversary date for purposes of
becoming eligible for more than one week of vacation.

3.3      The vacation pay basis period shall be the last fifty-two (52) week
period ending before May 25.

3.4      Each week of vacation shall be one calendar week. Each week of vacation
pay shall be two percent (2%) of the employee's gross earnings in the basis
period. However, employees who have worked 1500 hours or more during the basis
period shall have the option of receiving forty (40) hours of straight time pay
for each week of vacation. Time lost as a result of compensable injury incurred
while on duty at Neenah Foundry Company shall be counted as hours worked, at the
rate of eight (8) hours per work day, for purposes of determining vacation pay
eligibility.

3.5      The vacation year shall be June 1 through May 31. The Company reserves
the right to establish vacation shutdown period(s) of up to two weeks in any
vacation year for any or all of its operations. The Company shall notify the
Union of its selection(s) prior to April 1 of each year. All employees affected
must schedule vacation during the shutdown period(s).

         A.       It is understood that if the plant closes, a certain amount of
maintenance and/or production work may be carried on during the shutdown. The
Company will arrange with employees who are to work during the shutdown period.

         B.       If a vacation shutdown(s) is/are not scheduled, then all
employees eligible for vacation must schedule at least one week of vacation in a
weekly increment. Any vacation remaining may be scheduled in either weekly
increments (one week of vacation eligibility is five work days) or in single or
multiple days. All vacation requests must be approved by the Manager, Pattern
Operations.

         C.       Should a paid holiday occur during the period an employee is
on vacation, he may take an additional day of vacation either prior to or
immediately after the vacation period, or at some other time mutually agreeable
to the supervisor and the employee, prior to the end of the vacation year.

3.6      Vacation requests shall be considered on the basis of Company
seniority, providing normal operations of the Company are not impaired. There
will be a vacation sign-up period each year April 1 through April 15 for the
vacation year commencing the next June 1. Vacation requests received during this
sign-up period, after approval, are not subject to change through 


                                      -4-
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exercise of seniority by other employees. Vacation requests made after the
sign-up period shall be submitted to the Company in writing at least 30 days
prior to the requested vacation period. To insure normal operations, the Company
shall have the right to limit the number of employees taking vacation
simultaneously. It is understood that the Company may extend the vacation
sign-up period by up to one additional week, following April 15, if it is deemed
necessary to finalize vacation scheduling.

3.7      For purposes of vacations, seniority of employees shall be on the basis
of total length of employment with the Company since the date of last hire.

3.8      Employees with less than one year's service:

         Any employee who has been continuously employed for three months or
more and who is on the active payroll on June 1 shall be granted vacation pay,
which shall be two percent (2%) of his gross earnings as vacation pay for such
period, as computed above.

3.9      Layoff, Military Leave, Retirement, Death:

         In the event an employee who was eligible for vacation pay on June 1 is
laid off, enters military service, retires, or dies during the vacation year, he
shall receive his unused vacation plus pro-rata vacation pay in the amount of
two percent (2%) of his gross earnings up to and including the date of
termination, for each week of vacation for which he would otherwise have
qualified.

3.10     Employees returning from military leave or layoff:

         Any employee who returns from Military Leave or layoff and who is on
the active payroll June 1 shall be entitled to a vacation computed the same as
any other employee on the active payroll June 1.

3.11     Cash In:

         Employees are not allowed to cash in vacation without approval of the
Company and three members of the Union Negotiating Committee.


                              ARTICLE 4 - SENIORITY

4.1      The President will have super-seniority over all employees for layoffs
only.

4.2      Pattern makers and apprentices employed as of January 1, 1977, shall
have super-seniority for the duration of their employment for purposes of layoff
over pattern makers, apprentices and pattern maintenance employees hired after
January 1, 1977.


                                       -5-
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4.3      For all employees hired after January 1, 1977, for purpose of layoff,
seniority of employment will be on the basis of length of employment in the
pattern shop and such employees shall be recalled in reverse order of layoff.

4.4      In the event a reduction in force requires layoffs among the
super-senior employees, then the following shall apply:

         A. For purpose of layoffs and all other provisions-of this contract,
except as provided in Article 3.7, seniority of employees will be on the basis
of length of employment in the pattern shop. In the event of scarcity of work
necessitating reduction in the size of the crew, the last man hired shall be the
first laid off, provided however, the Company may deviate from straight
seniority if by following the rule of straight seniority the efficient operation
of the pattern shop would be impaired. If the Company proposes to deviate, it
will discuss all such deviations with the Union Committee and if agreement is
reached deviations will be as agreed upon. If no agreement is reached, the
Company will be at liberty to make such deviations and in any event all
employees affected by such deviations shall have the right of grievance pursuant
to the grievance procedure outlined in the contract. In the event hours of work
are reduced below 40 per week, the Company will discuss this with the President
and a member of the Union Committee.

4.5      Student workers hired on a temporary or part-time basis will not
accumulate seniority until they are on a permanent full-time basis.

4.6      On recall to work the last man laid off will be the first man called to
work and the remainder of the employees will be recalled to work in the same
order.

4.7      In the event of layoff or layoffs due to lack of work, the employees
affected and the Union shall be given written notice of at least two (2) days
prior to such layoffs.

4.8      Loss of Seniority - an employee shall lose his seniority for the
following reasons only:


         A.       If he shall quit.

         B.       If he shall have been discharged for just cause.

         C.       If a laid-off employee or employee on leave of absence shall
fail to report for work within five (5) working days after notice was sent by
the Company to his last known address, unless a satisfactory reason for failure
to report is given. A copy of such notice to report is to be given to the Union
Committee.

         D.       If an employee has been laid off for a period equal to his
length of service with the Company. However, the minimum shall be one (1) year
and the maximum three (3) years.


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                             ARTICLE 5 - GRIEVANCES

5.1      It is recognized from time to time, incidents may occur or events may
take place which question the interpretation of the provisions of this
Agreement. It is the intent of the parties to this Agreement to promptly
investigate and resolve differences of opinion or job-related problems.
Accordingly, each employee is encouraged to discuss with his supervisor any
problem that may arise in connection with his work. The Company will not
discriminate against any employee for thereafter referring the problem as a
grievance through the grievance procedure.

5.2      Should differences arise between the Company and its employees, either
individually or collectively, as to the meaning and application of this
Agreement, an earnest effort shall be made to settle any such differences at the
earliest possible time by use of the following grievance procedure:

Step 1   A. As soon as possible but not more than ten (10) working days of the
         occurrence of the incident or condition giving rise to any grievance,
         an aggrieved employee shall present his grievance to his supervisor,
         accompanied by his Committeeman or Steward. If a settlement is not
         reached within two (2) working days from the time the grievance is
         presented, then:

         B. It shall be reduced to writing within two (2) working days, signed
         by the aggrieved employee or his representative, and presented to the
         supervisor, who will provide a written answer within three (3) working
         days of the receipt of the written grievance. Should this procedure not
         result in settlement, then:

Step 2   Within two (2) working days of receipt of the Supervisor's Step 1
         written answer, the grievance shall be presented by a member of the
         Bargaining Committee to the Manager of Pattern Operations or his
         representative, who will schedule a grievance hearing to be held within
         three (3) working days following receipt of the Step 2 grievance, and
         who will within three (3) working days of such meeting, provide his
         written answer to the grievance. If such answer does not result in
         settlement of the grievance, then:

Step 3   Within two (2) working days of the receipt of the Step 2 written
         answer, the grievance shall be referred to the Union Bargaining
         Committee and the Company Committee, who will meet on a date
         satisfactory to both parties, within ten (10) working days following
         receipt of the Step 3 grievance to resolve the issue. Either or both
         parties may be represented at this meeting by outside representatives
         of their own choosing. Within three (3) working days of such meeting,
         the Company will provide a written answer to the grievance.

Within the times outlined above, the meetings will be scheduled on a date
satisfactory to both parties. In the event that this procedure does not result
in settlement of the grievance, then;

Step 4   Within forty (40) days from the date of the Step 3 answer, the
         grievance may be referred by either party to arbitration by serving
         written notice on the other. The serving of


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         written notice also includes notifying the Federal Mediation and
         Conciliation Service of either parties intent to arbitrate the
         grievance. If either party fails to refer an unresolved grievance to
         arbitration within the forty (40) day period, the grievance shall be
         considered withdrawn and not arbitrable.

5.3      The Union Bargaining Committee and the Company Committee shall consist
of a maximum of five (5) employees each, designated respectively by the Union
and the Company.

5.4      The time limits referred to above may be accelerated, or extended, or
any step of the procedure may be continued upon mutual agreement of the parties
to this Agreement. If the Union fails to comply with the time requirements in
Steps lb, 2, or 3, the grievance shall be automatically dropped. If the Company
fails to comply with the time requirements in Steps lb, 2, or 3, the grievance
is automatically granted.

5.5      An agreement reached between the committees shall be final and binding
on the Company, the Union and the employees involved.

                             SELECTION OF ARBITRATOR

5.6      The Arbitrator for the purpose of this contract, shall be selected in
the following manner, to wit:

         A. In the event a grievance has not been resolved under Step 3 of this
Article, either party may notify the Federal Mediation and Conciliation Service
of the dispute and request a panel of seven arbitrators. If the panel is not
acceptable to either party, then either party shall request a second panel,
prior to striking any names from the first panel. The parties will select one
arbitrator, by alternately striking from the panel a total of six arbitrators.
The Arbitrator chosen by this procedure will then arbitrated the grievance. More
than one grievance, may by mutual agreement, be submitted simultaneously to the
same Arbitrator.

5.7      The Arbitrator shall have no authority to change or modify the terms of
this Agreement, but he shall have authority to apply or interpret the meaning of
the terms of this Agreement, and resolve all grievances referred to him under
the terms of this Agreement.

5.8      Within a reasonable time after the hearing the Arbitrator shall tender
to the parties his disposition of the grievances involved. Such disposition
shall be final and binding upon both parties.

5.9      The Arbitrator's charge and expense in connection with any grievance
submitted to arbitration shall be borne equally by the Company and the Union.

5.10     The Company shall compensate Union officers and members of bargaining
and Grievance committees and individual aggrieved employees, at the straight
time hourly rates at which they are then employed for all time actually spent
with representatives of the Company in collective bargaining negotiations and
grievance adjustment pursuant to this Agreement, when 


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the officers, committeemen and employees so engaged otherwise would be at work.
Time spent in negotiations and grievance adjustments handled outside of the
normal working day will not be paid for by the Company. Negotiations and
grievance adjustment meetings will be scheduled by the Company and may be held
during regular working hours.


                      ARTICLE 6 - DISCHARGE AND DISCIPLINE

6.1      The Company agrees not to discharge or suspend any of its employees
except for just cause. In the event of discharge or suspension, the Company
agrees to give the Union Committee written notice of such discharge or
discipline, stating the reason therefor. Such notice shall be delivered to the
Union within 24 hours of the occurrence of such event. Any employee who is
discharged or suspended under the provisions of this contract shall have the
right to grievance as provided herein.

6.2      Absence without notice for three or more consecutive working days shall
be considered grounds for summary discharge or suspension.

6.3      More than three (3) warning notices on unreported or unauthorized
absenteeism less than indicated above within any consecutive twelve (12) month
period shall be considered just cause for discharge or suspension. If the
warning notice is issued, one copy shall be delivered to the employee, and one
to the Union within twenty-four (24) hours of the time such warning notice is
issued.

6.4      It is further agreed that in all cases of discharge or suspension, if
the employee (or employees) affected desires to file a grievance, he must file a
written grievance immediately or at least within ten (10) days of such discharge
or discipline. In the event it is decided that an employee was unjustly
discharged or suspended, he shall be reinstated to his former position without
loss of seniority and reimbursed for all time lost while under discharge or
suspension, unless some other agreement is reached between the Company and the
Union.

6.5      Warning notices shall expire twelve (12) months from the date of issue.
Written warning notices more than twelve (12) months old shall not be used
against the employee in future progressive discipline.


                                ARTICLE 7 - WAGES

7.1      The Company and the Union hereby agree that the minimum wage rates as
agreed will be effective during the term of this Agreement.

                            Cost of Living Allowance

         A.       A cost of living allowance, effective in l988, is agreed as
follows:


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                  1.       The base for calculation purposes will be the
                           October, 1987, All Urban Consumer Price Index (All
                           cities, 1967 = 100).

                  2.       The cost of living allowance will be computed on the
                           basis of $.01 per hour for each 0.4 change in the
                           CPI, rounded to the nearest cent with a maximum
                           payment of 10 cents.

                  3.       The adjustment will reflect the change in the CPI for
                           the six-month period from October, 1967, through
                           April 1988. The adjustment will be effective July 1,
                           1988.

                  4.       The contract rates shown in Exhibit "A" are minimum
                           rates, and are guaranteed. Any increase due to the
                           Cost of Living formula will be in addition to the
                           contract rates shown in Exhibit "A".

                  5.       All of Article 7.1(A), including 7.1(A) 1, 2, 3 and 4
                           except 'he first sentence of Article 7.1(A) 4, shall
                           be inoperative during the life of this Agreement.

7.2      All employees shall be paid weekly on Thursday during their regular
shift. If a Holiday occurs, the payday may be advanced or delayed within the
same work week, Saturday excluded.

7.3      For shift premium pay purposes only, the hours of the first shift will
be 6:00 A.M. to 2:00 P.M.; the second shift will be from 2:00 P.M. to 10:00
P.M. ; and the third shift will be from 10:00 P.M. to 6:00 A.M. The employee
will be paid the shift premium applicable to the shift on which he works the
majority of hours. Shift premiums will be $.25 per hour for the second shift and
$.35 per hour for the third shift.

7.4      Effective during the life of this contract the Company will pay holiday
pay for the following holidays: New Year's Day, Good Friday, Memorial Day,
Independence Day, Labor Day, Thanksgiving Day, Day following Thanksgiving Day,
Christmas Eve Day, Christmas Day, New Year's Eve Day, and a "floating holiday"
to be scheduled by the Company annually. Such pay is to be eight (8) hours at
the average straight time hourly earnings, and all employees covered by this
Agreement, performing service, except those who have not completed their
probationary period, will be entitled to paid holidays.

         A. All work performed on any of the holidays recognized in 7.4 or on
the day celebrated in lieu thereof, such as when a holiday falls on Sunday and
is celebrated on Monday, shall be paid for at the rate of double (2) time,
except for those hours whereby a shift beginning before the holidays extends
into the holiday period. If a shift starts during a holiday and extends into a
non-holiday period, all hours worked on such shift shall be paid for at double
time. The above premium pay for time worked shall be in addition to holiday pay.

7.5      To qualify for holiday pay, an employee who is scheduled to work must
have worked his last scheduled work shift prior to and his first scheduled work
shift after such holiday unless 


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excused by the Manager, Pattern Operations for personal compelling reasons.
Employees who have been laid off because of lack of work within fifteen (15)
days immediately prior to the date of the holiday, or who after having been laid
off are recalled to work within fifteen (15) days after date of holiday shall be
eligible for holiday pay.


                      ARTICLE 8 - TRANSFERS AND PROMOTIONS

8.1      Transfers Out of the Bargaining Unit - Both parties agree to the
principle of advancing employees to positions outside the bargaining unit. In
the event an employee so advanced is demoted or requests demotion during the
first year, he shall be promptly returned to his former job at the going rate of
pay with credited pattern shop and Company seniority.

         A. Employees advanced to positions outside the bargaining unit shall
retain all seniority that they have accrued at the time of such advancement and
shall continue to accrue a maximum of one additional year of pattern shop
seniority after the date of transfer.

         B. In the event there is a reduction in force, the employee shall be
entitled to use his pattern shop seniority he had at the expiration of the
accrual period in order to return to the bargaining unit.

         C. The employee's Company seniority shall continue to accrue during the
employee's entire period of employment with the Company.

         D. The selection of employees for transfer to non-bargaining unit work
shall be solely within the discretion of the Company.

                                   Apprentices

8.2      Apprentices may be employed in the ratio of one apprentice for each
shop, regardless of the number of journeymen, plus one additional apprentice for
each four (4) journeymen in the total group; this ratio to be computed on the
average number of journeymen employed during the previous six months. For the
purpose of determining the maximum number of apprentices only, each of the
Company's pattern shops located at the Company's Plants 1, 2 and 3, and the
Neenah Foundry Pattern Shop, Neenah, Wisconsin, will be counted as one shop,
thus allowing four apprentices for the shops. The last six months of
apprenticeship constitutes completion of the program for the purpose of
replacing an apprentice.

8.3      Apprentices shall be indentured under the rules and supervision of the
Division of Apprenticeship & Training, Department of Industry, Labor and Human
Relations of the State of Wisconsin for ten (10) periods of 1040 hours. The
schedule of periods and percentages of the combined Journeyman rate and
cost-of-living allowance are follows:



                                                              
1st period of 1040 hours--  60% of combined journeyman rate and COLA
2nd period of 1040 hours--  64% of combined journeyman rate and COLA



                              -11-
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3rd period of 1040 hours--  68% of combined journeyman rate and COLA
4th period of 1040 hours--  72% of combined journeyman rate and COLA
5th period of 1040 hours--  76% of combined journeyman rate and COLA
6th period of 1040 hours--  80% of combined journeyman rate and COLA
7th period of 1040 hours--  84% of combined journeyman rate and COLA
8th period of 1040 hours--  88% of combined journeyman rate and COLA
9th period of 1040 hours--  92% of combined journeyman rate and COLA
10th period of 1040 hours-- 96% of combined journeyman rate and COLA


8.4  Apprentices who are pattern maintenance employees when they start their
apprenticeship will be paid at 70% of the pattern maker rate.

8.5  In the event a elections is made for an apprenticeship, employees who have
not been selected and are interested, as to the reason why, can contact the
Manager of Pattern Operations or his designate for an explanation.

                               Pattern Maintenance

8.6  Pattern Maintenance employees may be employed in the ratio of one pattern
maintenance employee for each journeyman and apprentice; this ratio to be
computed on the average number of journeymen and apprentices employed during the
previous six months.

8.7  The rate of pay for the Pattern Maintenance employees will be 70% of the
combined journeyman rate and cost-of-living allowance plus 30 cents.


                          ARTICLE 9 - LEAVES OF ABSENCE

9.1  Employees desiring a leave of absence shall be required to make written
request for said leave of absence, outlining the reason for such request. The
granting of such request shall be by mutual written consent of the Company and
the Union, in triplicate, the original to be retained by the employee, the
duplicate by the Company and the triplicate by the Union.

9.2  Members of the Bargaining Unit designated by the Union to attend 
conventions and union conferences will be granted time off without pay, and such
absence will be treated as an excused absence. No more than two (2) members of
the Bargaining Unit may be absent for this purpose at any one time.


                             ARTICLE 10 - MANAGEMENT

10.1 Management of the pattern shop and the direction of the working force,
including the right to hire, discharge, or suspend for proper cause, or
transfer, and the right to relieve employees from duty because of lack of work
or for any other legitimate reasons is vested exclusively in the Company. This
will not be used to violate previous paragraphs, nor to 


                                      -12-
   15
discriminate against any member of the Union. Any dispute arising hereunder
shall be subject to the grievance procedure.


                       ARTICLE 11 - NO STRIKE - NO LOCKOUT

11.1     It is agreed that as a part of the consideration of this contract, any
and all disputes and any and all claims or demands growing out of said contract
or involved therein shall be settled and determined exclusively by the machinery
provided herein through the grievance procedure and that during the term of this
contract there shall be no strike on the part of the Union nor lockout on the
part of the Company.

11.2     It is specifically understood and agreed that paragraph 11.1 of this
Article shall not be operative under the following circumstances: If at the
expiration of this contract the parties are unable to agree upon the terms or
conditions of a renewal or modification thereof.


                           ARTICLE 12 - FUNERAL LEAVE

12.1     In the event of the death of an employee's brother, sister, father,
mother, stepfather, stepmother, father-in-law, or mother-in-law, the employee
may be absent from work and shall be paid a minimum of eight (8) hours of pay,
per day, up to three (3) days for his scheduled time actually lost from the day
of death to the day of the funeral, inclusive except, if the funeral is in
excess of 200 miles from the City of Neenah, Wisconsin, then the day after the
funeral shall be considered an additional day of funeral leave.

12.2     In the event of the death of the employee's spouse, son, daughter, or
step-child, however, paid funeral leave shall be up to five scheduled days lost
from the day of death to the seventh day following the day of death.

12.3     In the event of the death of an employee's grandparent, grandchild,
sister-in-law, brother-in-law, daughter-in-law, son-in-law, or of an employee's
spouse's grandparent, the employee may be absent from work and shall be paid for
scheduled time actually lost up to eight (8) hours on the day of the funeral if
it is a scheduled work day and the employee attends the funeral.

12.4     To qualify for paid funeral leave the employee must:

         A.       have passed his probationary period prior to the death of the
                  above mentioned family member,

         B.       attend the funeral unless unable to do so because of illness,
                  accident, or other just cause, and

         C.       notify the Personnel Department as soon as possible that he
                  will be absent because of the death.


                                      -13-
   16
12.5     Funeral leave pay will be computed at the employee's regular straight
time base rate including any shift premium. No funeral leave pay will be paid
for days on which holiday or vacation pay is paid, or when an employee is on any
kind of leave of absence or Worker's Compensation. Scheduled time lost shall not
be counted as hours worked for purposes of computing overtime pay.


                              ARTICLE 13 - GENERAL

13.1     Space for bulletin board shall be made available by the Company at a
convenient place in the pattern shop for the posting of Union notices.

13.2     Duly accredited representatives of the Union, upon application for
permission, shall have the right of access to the shop and to interview any of
the employees affected by this contract and the Company will provide
accommodations for such interview or interviews on its premises outside of the
pattern shop proper.

                                    SICK PAY

13.3     Any employee covered by this Agreement who is absent because of a
non-industrial accident or illness long enough to collect benefits from the
Neenah Foundry Company Sickness and Accident Insurance Program will be paid up
to the first three (3) scheduled work days of such absence or absences not
covered by the insurance program at the rate of eight (8) hours per day at the
employee's straight time hourly base rate. It is understood that not more than a
total of three (3) scheduled work days will be due an employee during any
calendar year because of a non-industrial sickness or accident or combination
thereof.

         A.       Any employee who is absent due to an industrial injury or
illness incurred at Neenah Foundry Company will be paid, under this Agreement,
for the first three scheduled work days of absence or absences not covered by
Worker's Compensation Insurance for each such injury or illness, if, (1) the
injury sustained was properly reported on the day of injury, and, (2) these same
days are not later paid for by Worker's Compensation.

         B.       In any event, no sick pay will be paid for any day not a
scheduled work day, or on which holiday pay or vacation pay is paid.

13.4     The Company will continue to provide, and with the cooperation of its
employees, maintain proper sanitary and safety conditions. A member of the Union
shall be a member of the Safety Committee.

13.5     The Company agrees, within thirty (30) days from the execution of this
contract, to furnish a current seniority list and to keep it current at such
times as may be agreed upon between the Company and the Union.


                                      -14-
   17
13.6     The Union will, at the execution of this contract, furnish the Company
with a list of the names of its Union Committee or other committees designated
to handle negotiations and grievances on behalf of the Union.

13.7     The Company will, at the execution of this contract, furnish the Union
with a list of the names of its Bargaining Group who will have authority to
negotiate or adjust grievances.

13.8     In the event the Company negotiates contract changes in benefits, other
than pensions, for the production employees, during the term of this Agreement,
such changes shall automatically be made with respect to employees covered by
this Agreement. These pass along benefits include insurance, sick pay, safety
shoes, prescription safety glasses, meal allowance, and shift premium.

13.9     Upon presentation of proper pay voucher, an employee required to serve
jury duty shall be paid the difference between his jury duty pay and eight hours
of straight time pay at his base rate for each scheduled work day he lost as a
result of the jury duty.

13.10    The Company shall furnish a meal at a cost not to exceed $4.00 for each
employee who works more than two (2) hours beyond his scheduled shift. A paid
twenty-minute lunch period will be provided when meals are furnished; such
period will not be included in the "more than 2 hours" qualifying period, but
will be counted as time worked for overtime purposes.

13.11    The Company and the Union will comply with all laws and regulations
established by Federal and State Governments with regard to military service of
employees.

         A.       Any Federal or State law which mandatorily changes any of the
provisions of the Agreement shall govern. However, such required changes shall
not change any of the other provisions of the contract.

13.12    A tool allowance of $125.00 will be paid each January to each pattern
maker, pattern maker apprentice, and pattern maker leadman on the payroll as of
January 1 of each year. Similarly, a $125.00 tool allowance will be paid to each
pattern maintenance employee.

13.13    The Company will reimburse each employee $50.00 for one pair of 
approved safety shoes purchased by the employee for his personal wear each year.

13.14    The Company will reimburse each employee for replacement of
prescription glasses, or parts thereof, which are damaged at work at the actual
cost to a maximum of $35.00 per year.


                              ARTICLE 14 - PENSIONS

14.1     The Company agrees to continue its pension program started January 1,
l982, according to separate contract with Connecticut General Life Insurance
Company. This plan is to be wholly financed and owned by the Company.


                                      -15-
   18
14.2     The basic coverage of the program provides a normal retirement benefit
based on the years of credited service in the Neenah Foundry Company Pattern
Shops to age 65, with offsets for those years of service which are vested
pension credits earned under the Pattern Makers' Pension Trust Fund as a Neenah
Foundry Company employee through December 31, 1981. The plan provides for
vesting after 5 years of service for pension benefits, and vesting after 10
years of service for disability benefits.

14.3     Effective January 1, 1995, the formula for determining monthly pension
benefits under this plan provides for $23.00 per month as pension base.

14.4     The plan provides a surviving spouse's benefit provision.

14.5     The minimum disability benefit shall be $275.00 per month.

         A. Any disability benefits accruing to the employee as a result of
credits earned in the Pattern Makers' Pension Trust Fund as a Neenah Foundry
Company employee will be offset against the above amounts.

14.6     The normal retirement date is the first of the month following the
employee's 65th birthday. Provisions for early retirement after age 60 are
provided for in the plan.

14.7     A 401-K Savings Plan will be implemented by July 1, 1989. (See letter
from Roger Hathaway to Tom Kufahl dated December 22, 1988.) Effective January 1,
1992, employees may elect to place up to 15% of their earnings in the 401-K
savings plan.


                             ARTICLE 15 - INSURANCE

15.1     The insurance benefits in effect at the signing of this Agreement
include:

               Medical Insurance (Choice of Co-Pay plan or an HMO)
                  Accidental Death and Dismemberment ($15,000)
                  Sickness and Accident Coverage ($230.00/week)
                            Life Insurance ($15,000)
                                Dental Insurance

15.2     All insurance plans are funded on a cost-sharing basis between the
Company and the employee, and any changes in these plans or in the cost-sharing
formulas will be as provided by Article 13.8.

15.3     In case of a work-connected death of an employee, the Company will
continue the medical and dental insurance coverage in effect for the employee at
the time of his death for a period of thirty-six (36) months for the surviving
spouse and dependent children. The Company will pay the full premium.


                                      -16-
   19
15.4     In the event an employee is laid off, the Company shall continue to pay
its percentage share of the premiums of the insurance plans (excluding sickness
and accident benefits) for a period of three months following the month in which
the layoff became effective, provided the employee arranges with the Personnel
Office for payment of his percentage share of the premiums.


                         ARTICLE 16 - TERMINATION CLAUSE

16.1     This Agreement signed this _____ day of ________, 1995, shall become
effective as of the 1st day of January, 1995, and shall continue until December
31, 1997, and thereafter shall be automatically renewed from year to year unless
at least sixty (60) days prior to the termination of any yearly period either
party shall serve on the other written notice that it desires to modify or
terminate this Agreement.

         A. In the event this contract has been reopened pursuant to the
sixty-day notice and no agreement has been reached as of the expiration day, the
contract shall be automatically extended until either party gives a written
notice to the other party, terminating the contract at the end of five days from
receipt of such notice.

Dated this ________ day of ________, 1995


INDEPENDENT PATTERN MAKERS                  NEENAH FOUNDRY COMPANY
UNION OF NEENAH, WISCONSIN


_________________________________           ____________________________________

_________________________________

_________________________________


                                      -17-
   20
                                   EXHIBIT "A"


The minimum base wage rates shall be effective as follows:

                                 Pattern Makers




                                                 
January 1, 1995                         $17.13 per hour
December 31, 1995                       $17.68 per hour
January 5, 1997                         $18.1e per hour


                               Pattern Maintenance



                                                 
January 1, 1995                         $12.33 per hour
December 31, 1995                       $12.6e per hour
January 52, 1997                        $13.03 per hour


Minimum premium for pattern shop employees assigned to leadman duties is $.!@@D
- ---@er hour.


   21
                                   EXHIBIT "B"

Employee Automatic Renewal Authorization Form                Date_______________

TO:      Neenah Foundry Company

         You are hereby authorized and directed to check off from my wages my
membership dues in the Independent Pattern Makers Union of Neenah, Wisconsin.
The dues deduction shall be remitted by you to the Union no later than the 12th
of each month, for dues collected the first payday of each month.

         This authorization shall remain in effect until revoked by me in
writing and shall be irrevocable for a period of one year from the date
appearing above (or until the expiration of the present Agreement between the
Company and the Union, whichever is sooner), at which time it may be revoked by
written notice given by me to the Company and the Union at any time during a
period of ten days prior to the expiration of the one-year period (or ten days
prior to the expiration of the present Agreement -- whichever is sooner).

         If no such notice is given, this authorization shall be irrevocable for
successive periods of one year thereafter, with the same privilege of revocation
at the end of each such period set forth above.

________________________________________________________   _____________________
Committeeman                                               Employee
Dues to be deducted according to the following schedule:
Journeyman                                                 Per Month
Apprentice first through fifth period                      Per Month
Apprentice sixth through tenth period                      Per Month
Pattern Maintenance                                        Per Month



   22
January 1, 1995



                              MEMO OF UNDERSTANDING


It is understood that the weekly vacation period is from Sunday through the
following Saturday. The Union has requested that when employees request to be
off from work on Saturday preceding their vacation week, that they will be
granted the time off . Also, when employees take vacation by single days and
their request includes a Friday or Monday as vacation days, again, the request
will be to have Saturday off.

The Company agrees to make every effort to provide employees with the time off
when requested. In the event unusual or emergency situations occur, the Company
rely require the employees to work.


   23
                                                                 January 1, 1989



                                 POLICY LETTERS


Subcontracting - The Company agrees not to subcontract pattern making work where
Such subcontracting would immediately deprive a pattern maker of work in the
shops at Neenah Foundry when the pattern maker is available to do the work.
However, where it is not appropriate to meet customer demands for delivery
because of the schedule of work in the department, this work may be
subcontracted, even though there might be a temporary shortage of work in
Pattern Shops.


Medical Leave
Upon satisfactory medical proof that an employee is required to leave the employ
of the Company because of his own ill health or that of a member of his family,
shall be given pro-rata vacation pay or partial vacation pay in the same manner
and to the same extent that other employees are entitled thereto.



                                             NEENAH FOUNDRY COMPANY



                                             R. G. Hathaway
                                             Vice President


   24
                                                                 January 1, 1989



                              Addendum to Agreement

         The Company agrees that all employees in the bargaining unit on January
1, 1977, will be rate-protected on the base wage of Pattern Makers as listed in
Exhibit "A", for the duration of their employment. This means that no pattern
maker employed on January 1, 1977, will be demoted to pattern maintenance rates
as the result of creation of the pattern maintenance classification, unless by
mutual agreement between the employee and the Company.

         All employees covered by this agreement may be required to perform any
of the job duties performed by Pattern Maintenance employees.

         No pattern maintenance employee in any shop will be given preference
for scheduled overtime in that shop. Unscheduled overtime will be assigned to
the employees in that shop performing the specific work to be done in that shop.




INDEPENDENT PATTERN MAKERS                       NEENAH FOUNDRY COMPANY
UNION OF NEENAH, WISCONSIN

_________________________________________        _______________________________
_________________________________________

_________________________________________

_________________________________________

_________________________________________


   25
December 16, 1991



                          DUTIES OF PATTERN MAINTENANCE

1.       Make and install bottom boards for self-set cores.

2.       Build and install gating systems on patterns and in core boxes.

3.       Patch or repair patterns and core boxes using appropriate materials to
         restore original contours without use of blueprints and without
         establishing new center lines. Install fillets and remove obsolete
         patterns from boards.

4.       Program CNC machines to produce and repair bolster frames, pattern
         plates, copes and drag boards, core masks, core fixtures, checking
         fixtures.

5.       Set up patterns for jobbing and construction castings.

6.       Perform or assist with basic shop duties such as load and unload
         trucks, changing saw and jointer blades, basic shop and machine
         maintenance, drill hold down end irons and sprue buttons.

7.       Follow patterns and core boxes in foundry and core room, make molds for
         checking cores.

8.       Build cope and drag boards, omitting center lines; build insert boards,
         and match boards; install core hook plugs; add venting; build squeeze
         boards and install pin or bushing holes with use of fixtures or
         machines.

9.       Clean and polish pattern equipment.

10.      Mount flat back and chill patterns (where no critical alignment
         dimension need be determined).

11.      Reproduce existing or master pattern or core equipment with the use of
         synthetic materials.

12.      Put center lines on insert boards by using a fixture.

13.      It is understood that Pattern Maintenance employees may perform any
         work within the skill level of the job, as represented by the above
         duties, and that Pattern-Maintenance employees will not be used to
         perform duties requiring Pattern make-skills.


   26
                             NEENAH FOUNDRY COMPANY

                                   BASIC RULES


In order to maintain the general welfare of the Company and its employees and to
assure fair treatment for all, the following revised rules are effective
immediately.

Disciplinary action, whether it be in the form of a warning, suspension from
work without pay, or discharge, will be based upon the circumstances surrounding
the violation, together with the employee's general record of employment with
the Company.

1.       Violation of the contract between the Company and the Independent
         Pattern Makers Union of Neenah, Wisconsin.

2.       Dishonesty.

3.       Insubordination.

4.       Unsafe conduct.

5.       Unauthorized absence from job for any length of time or unauthorized
         presence, in the plant.

6.       Failure to comply with job requirements and responsibilities.

7.       Damage to property on Company premises.

8.       Reporting for work while under the influence of intoxicants or use or
         possession of intoxicants on Company premises.

9.       Conduct detrimental to the welfare of the Company or its employees.

These basic rules are subject to change at any time.



                                            NEENAH FOUNDRY COMPANY