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.”