Faircast, Inc. Awarded $855,000 From Iowa Economic Development Authority

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July 24, 2017

FOR IMMEDIATE RELEASE

Iowa Economic Development Authority [IEDA] awarded an $855,000 assistance package to Faircast, Inc. on Friday. The award included $600,000 in direct financial assistance as well as $255,000 in Investment Tax Credits, and was granted through the High Quality Jobs program [HQJ].

The High Quality Jobs program provides assistance to companies creating new jobs and investing in equipment or facilities in Iowa. Faircast recently created 89 jobs at its 9th Street foundry and plans to make a capital investment totaling $3.2 million. “This award will help us catch up with maintenance items that have been neglected,” said Roger Vorhies, President of Faircast, Inc. “As we focus on stabilizing the foundry, we also are setting our sights on growing the company back to its previous levels. This assistance will be essential to making that happen.”

Nearly all 221 employees were laid off from the foundry late June after the lender for the previous ownership exercised Article 9 Foreclosure proceedings. Certain assets were subsequently purchased at auction by Faircast, which restarted production on July 6th. The manufacturer produces ductile and gray iron green sand castings for the agricultural, rail, construction and automotive industries. The foundry has been a major Fairfield employer for over 105 years.

 

“We are proud to support the Faircast, Inc. foundry project in Fairfield,” said Debi Durham, Director of the IEDA. “The board understands the importance of supporting local companies and giving them the tools they need to keep operations in the state. Keeping this foundry in Iowa so that it can continue to provide good jobs is important to Iowa’s economy.”

 

 

Faircast worked through Fairfield Economic Development Association [FEDA] on the application process to obtain the award from IEDA. “The Faircast management has been highly responsive,” stated Joshua Laraby, Executive Director for FEDA, “and because of this, FEDA was able to assist Faircast in receiving this $855,000 incentive package.” FEDA’s foundation of facilitating growth in Fairfield is through business and land development initiatives. “We were able to provide assistance with three large ticket items on this project,” said Laraby, “A temporarily unused facility was brought back into productivity with planned improvements, high quality jobs were created and state level incentives were secured. This is good news for Fairfield.”

Foundry Reopens, Hires and Continues Operations in Fairfield

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July 12th, 2017

FOR IMMEDIATE RELEASE

On June 28th, Faircast, Inc., purchased certain assets of the formerly known Fairfield Casting LLC foundry in Fairfield. The lender for Fairfield Casting exercised an Article 9 foreclosure proceeding on the foundry, resulting in an auction sale held in Chicago, from which the foundry was purchased.

Faircast announced to Fairfield Economic Development Association [FEDA] that it immediately created 89 jobs. On July 3rd, Faircast filled those positions with experienced talent from the former foundry. “The plan is to grow the business back to its former level,” said Roger Vorhies, a Faircast representative. “We want the foundry to be sustainable, so scaling into the growth is important to us.”

Faircast restarted the foundry’s production last Thursday. The company also reported to FEDA that a number of the previous customers are remaining loyal and working with Faircast through the startup phase. “The management team is in the process of renewing customer relationships,” said Vorhies, “as well as reconnecting with previous suppliers. These partnerships are critical to the foundry’s success.”

Vorhies stated, “Faircast is working closely with Josh Laraby, Executive Director for FEDA, through this transition. We’re looking at a variety of business development opportunities, including incentives. He’s been a great asset in the process.” FEDA assists with several business development initiatives in the community, including business retention and workforce development. Laraby said, “It has been a pleasure assisting the new ownership and I’m pleased that the operations will stay in Fairfield.”