Foundry Reopens, Hires and Continues Operations in Fairfield

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.”

Former Fairfield Casting LLC Foundry Now Under New Ownership

June, 28 2017

FOR IMMEDIATE RELEASE

FEDA received immediate notice late today that Fairfield Casting LLC was sold at auction to a new ownership group. Faircast, Inc, comprised of local investors, purchased certain assets of Fairfield Casting LLC on June 28th, 2017.

 

Due to the sale commencing just today, many details of the transaction are still being finalized and more information is expected to be known in the next few days. Though, information is still forthcoming, what we do know for sure is that the operations will remain in Fairfield and that the local investment group is passionate about the long-term success and sustainability of the foundry.

 

“Based on what information we have thus far, I am very optimistic. Out of all the possible outcomes that could have come from the auction, I think this will be very positive for Fairfield overall. We look forward to providing more information as details come forward, including information about employment opportunities and dates of when production will begin with Faircast, Inc.,” says Joshua Laraby, Executive Director for FEDA.

 

Responding to the Needs of Displaced Workers from Fairfield Casting LLC

 

Learning that most of the foundry employees were laid off and displaced last week under the previous ownership, and prior to learning about who the new ownership would be, FEDA wanted to immediately respond and organize to get any displaced workers back to work in Fairfield. In response, FEDA began organizing and advertising for a manufacturing job fair set for July 6th in Fairfield.

“Almost all of the manufacturing companies in Fairfield have open positions and are currently hiring. There are immediate opportunities for folks to get back to work. Even though we are positive about the future of the foundry, FEDA has decided to continue forward with holding the job fair since advertising and organizing is underway,” Laraby says.

Employers with open positions are encouraged to contact FEDA to reserve a booth and community members who know of any displaced workers are encouraged to share the job fair information with them.

 

Fairfield Economic Development Association

Fairfield Manufacturing Job Fair

Where: Fairfield Best Western, 2200 West Burlington Ave. in Fairfield

When: July 6th, 3p.m. to 6 p.m. employers are able to arrive as early at 2 p.m to set up a booth

 

Contact Information: Joshua Laraby, Executive Director for FEDA Joshua.laraby@growfairfield.com or 641.472.3436

 

Again, FEDA is thrilled with the news that the foundry operations will remain in Fairfield and we look forward to more information coming forward.

Coworking Creates Community

Visit the Cedar Rapids Gazette for a great article on the Fairfield CoLab and the benefits of coworking.

 

“Casey Hynes, guest columnist

Apr 3, 2016 at 7:00 am | Print View

On any given day at the Fairfield CoLab, you’ll hear members brainstorming SEO tactics, talking through marketing plans, and hashing out coding issues in their clients’ HTML. In the kitchen, spontaneous debates arise about the merits of GMOs, raw food diets, and the value of work-life balance. Occasionally you’ll catch references to the Maharishi Effect or Ayurvedic practices, a nod to the Transcendental Meditation movement that took up residence in this small town in the 1970s.

And sometimes it’s quiet at the CoLab, as members pop in their ear buds, put their heads down, and focus on building their businesses. In each of these instances, however, you can see a nascent but enthusiastic community developing.

The Fairfield CoLab opened to the public in September 2015, the culmination of nearly a year’s worth of hard work and volunteer hours. The founding members tore down walls and sanded floors in what is now the CoLab’s home, a building overlooking Fairfield’s central square. Though it’s been scarcely more than six months since the official launch, the CoLab has become a hive of entrepreneurship and dialogue in this town of roughly 10,000.

Coworking spaces have sprung up across the state, from Gravitate in Des Moines to Vault in Cedar Rapids to IC CoLab in Iowa City. David Tominsky, director of programs at the New Bohemian Innovation Collaborative (NewBoCo) in Cedar Rapids, says there are at least 19 coworking spaces in Iowa right now, but he suspects there are more. Although they cater to different communities, these coworking spaces share common traits. Chief among them are community and leadership.

Follow the link to read the full article.

 

 

Several Fairfield Businesses Listed as Top Places To Work

Congrats to Congrats to Jefferson County Health Center, Cambridge Financial, Libertyville Savings Bank and Midwest One on being top places to work

Link to Des Moines Register Article

First Annual Business Pitch Session

First Annual Fairfield Business Pitch Session

Top prize $1,200 and 2016 Chamber of Commerce Membership

Qualifications

  1. Entrepreneurs that are just getting started and have a great new idea. Business may be manufacturing, service, retail or otherwise.
  2. In business for two years or less.
  3. Total gross annual revenue does not exceed $250,000.
  4. Must be an existing or proposed Fairfield based business.
  5. Provide an Executive Summary of your business or business idea that provides a specific ask to potential investors (2 pages maximum).  Executive Summary should include: • Product or service description
    • Target market and size of the market
    • Business model (how does your venture make money?)
    • Key resources – e.g. patents, design, etc.
    • Management team, their experience and the functions each member performs
    • Why your business is unique and why your team has an advantage over others offering a similar product or service

How the Event Works

  1. Submit everything by the application deadline:May 15th to:Adam.Plagge@growfairfield.com
  2.  The judging panel will review submissions and select 3-4 finalists to participate in our formal pitch day June 5th.
  3. The final businesses will present at the 1stAnnual Fairfield Business Pitch Competition on June 5th 8:30-10:30 AM. Each business owner will have 15 minutes to give their pitch followed by in-depth questioning from our judging panel and potential investors.  At the finale of the event, our judges will identify the top pitch and award the winner with $1,200 in prize money to help develop and build their concept.  Prize money is designated for business expenses. The winner will also receive a free 2016 Chamber of Commerce Membership.

 

 

May 28 2014 Small towns use creativity to grow

Excerpt taken from: http://ysnews.com/news/2014/05/small-towns-use-creativity-to-grow.

“Over the past 10 years, FEDA has led efforts that have resulted in a total of $275 million in venture capital invested in local businesses that have, in turn, created over 2,000 jobs. For the community, that growth has also translated into a $10 million arts and convention center, and a new library, hospital and health center. The pattern of growth and local investment isn’t new, Shaefer-Weaton said, but reflects the continuous work on behalf of both community leaders and local businesses to communicate regularly about the needs of each and finding ways to meet them.

Fairfield invests in its schools and supports the career tech paths that tie to local businesses. Toward that end, FEDA helped create the Fairfield Regional Career Academy, a post-secondary education option offering technology and industrial training that met Fairfield’s business needs and that Fairfield’s youth expressed interest in. The two-year program, housed in an unused elementary school, is a consortium of Indian Hills Community College and three local high schools and was created in response to a business survey that indicated the number one concern was workforce recruitment problems.

Fairfield also launched the Come Home Initiative working with Manpower, the regional office of the global workforce solutions company ManpowerGroup, to attract former Fairfield students and residents back to town by connecting them to local employment opportunities.”

May 22 2014 Moving America Forward: In the Heart of Silicon Prairie

Watch Mayor Ed Malloy and CVB Director Rustin Lippincott speak about the quality of life enjoyed by the residents of Fairfield Iowa.

A number of FEDA members including LISCO, Agri-Industrial Plastics, Cambridge, Sky Factory and Creative Edge are also highlighted in the latest episode of Moving America Forward.

 

Jun 20 2012 FEDA Member Profiled in Polishing Contractor Magazine

Fairfield Economic Development Association member Royale Concrete was featured in the cover story in the Summer 2012 edition of the Polishing Contractor magazine.  The story highlights work Royale did for a company named Valley Distribution Corp. and it includes some great photos from the job.

Read the full article here.

Read the testimonial here.

Jun 14 2012 Young Professionals Network Started in Fairfield

 

Young Professionals of Fairfield (YP Fairfield), a new peer-networking group for 21 – 39 year old working professionals meets monthly. YP Fairfield provides opportunities for social networking, volunteer opportunities, and professional development. Each month, the group will meet at a new venue on the third Thursday at 5:30pm.

The group had their first meeting in May at iPhone Life Magazine. 20 young professionals showed up to hear from young business owners David Averbach and Raphael Burnes. Averbach and Burnes toured the group through iPhone Life, shared the story of how they came to run the company, and gave a glimpse into the future of the magazine.

YP Fairfield will help individuals build their business and social network, gain exposure to what’s going on in the Fairfield area, and exchange ideas to help build a sustainable quality of life in and around Fairfield. The next meeting is on June 19th. Find the group on Facebook – Young Professionals of Fairfield.

For more information contact YP Coordinator Anna Bruen, annabruen@gmail.com or Darin Hayne,dnhayne@gmail.com

Mar 29 2012 Justifying Energy Efficiency as a Business Investment

This morning the Iowa Economic Development Authority sponsored a webinar titled “Justifying Energy Efficiency as a Business Improvement.” The 2 hr. webinar was produced by Partnership for Industrial Efficiency (PIE2) and Iowa State University Extension and Outreach. Read below to find out more about the purpose of the webinar. The following is reposted from Iowa State University:

Justifying Energy Efficiency as a Business Investment

Industrial reaction to energy efficiency is slow and uneven. Poor communications are partly to blame: the dialogue is usually more technical than financial. While necessary, a technical dialogue is often insufficient for convincing businesses to adopt efficiency upgrades. Clear, investor-focused messages are needed to engage industry’s financial decision-makers.

Drawing from a decade of North American program experience documented in books and trade press articles, Energy Pathfinder Management Consulting’s (EPMC) principal consultant Christopher Russell shares an enthusiastic and innovative approach to energy cost control. When he speaks on this topic, he emphasizes a business-smart approach that “monetizes” energy projects-clarifying the investment performance of energy choices. His communications are geared for managers with budget and leadership responsibility in managing their facility-wide energy performance.

Overview

All businesses, regardless of industry, have one thing in common. They manage assets that convert inputs into cash flow and wealth. Energy is the life-blood of these assets. Unless the energy is free, it is an opportunity to maximize the creation of business wealth. As always, the bottom line is money, so the challenge is to express energy and its impacts in monetary terms. Energy must be thought of in terms of its business impacts: it is a cost as well as an investment. As an investment, it has direct, measureable impacts on cash flow, capital recovery, and volatility of earnings. This is a radical change in philosophy for industrial managers. That’s why PIE2 presents this seminar: to demonstrate the rich connections between energy choices and business performance. The seminar describes the analytical tools for creating a strong business case for smart industrial energy choices. The emphasis is on economic and financial analysis-principles are reviewed in the seminar from the ground up and in an energy-smart context.Purpose and Target Audience

This workshop introduces “monetization” as the strategy for converting energy choices into dollars. Monetization allows managers to become champions for energy-smart business solutions. Energy “projects” suddenly become investments that provide cash flow, boost capital recovery on assets, and subsidize operations. By quantifying the money profile of energy improvement opportunities, facility managers can more effectively demonstrate their value to the rest of their organization.

There is a better alternative to your facilities “doing more with less.” This seminar is intended for business leaders that wish to maximize the value of the resources at their disposal. It is also for facility managers interested in more than hands-on technical issues-they want contribute to business performance, thereby sustaining their own professional viability.

Goals of the webinar:

  • Energy, Money, and Business. A back-to-basics overview of energy’s relationship to business performance. Understand why energy is more than “a cost of doing business.” Any discussion of energy improvements can and should respond directly to fundamental business goals such as capital recovery, cash flow, and return on investment. Understand the difference between economic and financial analyses and the applications of each.
  • Monetizing Energy Choices. Energy metrics are one thing, investment metrics are another. This section goes where the academic finance courses don’t go – linking energy performance to investment results. We always need to show costs, savings, and paybacks. But we should also show the cost of doing nothing, the price to save versus the price to buy energy, and the alternative price tag associated with rejected solutions. This presentation shows how to make a compelling business case for an investment-minded audience.