The majority owners of Michigan’s Cadillac Casting Inc. are investing $9.1 million to establish a new ductile iron foundry at the site of the former Intermet Corp.’s New River Foundry in Radford, VA. The plant has been idle since the end of 2009, when Intermet was finally liquidated after an unsuccessful bankruptcy reorganization effort.
Virginia Casting Industries LLC is a new company that indicates it will hire up to 300 workers for its operation, including former New River Foundry managers and workers. A release stated that another site in Michigan had been considered for the investment.
Cadillac Casting is a green sand, ductile iron foundry in Cadillac, MI, that produces over 80,000 tons/year of castings for automotive suspension, drivetrain, and powertrain components.
The Virginia Economic Development Partnership worked with the City of Radford to land the project in Radford, and Gov. Bob McDonnell approved a $600,000 grant from the Governor’s Opportunity Fund to assist the project.
Speaking about today's announcement, Governor McDonnell commented,
"After a significant loss in jobs caused by the closing of Intermet's Radford facilities, first in 2003 and then this past December, this is a major win for the New River Valley,” Gov. McDonnell stated. “Intermet made cast-metal components for automotive and commercial vehicle manufacturers, so the facility is fully equipped to meet Virginia Casting Industries' current needs and allow room for expansion."
The Virginia Department of Business Assistance will provide training assistance through the Virginia Jobs Investment Program, and the Virginia Dept. of Environmental Quality and the New River Valley Economic Development Alliance also provided support for this project.
"We are extremely excited with our latest investment in Virginia,” stated Virginia Casting Industries president and CEO Dan Minor. “We thank both DEQ and the Environmental Protection Agency for their help in obtaining the $250,000 stimulus grant for a Targeted Brownfields Assessment at Radford.”