Faircast Inc. is the new name for Fairfield Casting LLC, a gray and ductile iron foundry in Fairfield, IA, that laid off over 200 workers late in June without prospect for recall. Some rehiring has begun. The green sand foundry had operated for more than a century (formerly as Dexter Foundry Inc.), producing up to 170,000 tons/year of parts ranging from 1 to 100 lbs., for pump housing, drums, agricultural equipment, railroad systems, and similar applications.
The former owners issued a WARN notice to Fairfield Casting employees in mid-June, then succumbed to an Article 9 asset auction on June 28. The new owners took possession of the operation on June 29.
The new ownership group received an $855,000 assistance package from the Iowa Economic Development Authority (IEDA) through its High Quality Jobs program. This includes $600,000 in direct financial assistance and $255,000 in investment tax credits.
The HQJ program assists Iowa companies to create new jobs and to invest in equipment or facilities.
Faircast reportedly rehired 89 foundry workers and is planning capital investments totaling $3.2 million.
“This award will help us catch up with maintenance items that have been neglected,” according to Roger Vorhies, Faircast Inc. president. “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,” he said
The 246,000-sq.ft. plant has Isocure and shell coremaking; Disa, matchplate, and squeeze molding, and electric and cupola melting.