Iron components manufacturer to create 300 jobs in Radford
- May 11, 2010
Virginia Casting Industries LLC will spend $9.1 million to turn the former Intermet New River Foundry facility into an iron components manufacturing facility, creating 300 jobs.
Many former management and employees from Intermet will be rehired, according to a statement from Gov. Bob McDonnell. Virginia Casting is a new company owned by majority owners of Cadillac Casting Inc. Cadillac Casting is based in Michigan, and Virginia competed with Michigan for the project.
Intermet closed its facility this past December after a series of layoffs. When it closed in December, 76 employees remained. The plant made cast-metal component for vehicles manufacturers. Virginia Gov. Bob McDonnell said this will easily be reconfigured for Virginia Casting’s needs.
Dan Minor, president & CEO of Virginia Casting Industries, said a $250,000 Targeted Brownfield Assessment study of the property was a major contributor to its decision to locate in Radford. Under federal stimulus funds, the Environmental Protection Agency provided a detailed envirommental assessment of the site.
“Brownfields personnel at Virginia [Department of Environmental Quality] spent 10 months convincing EPA that the grant would help enhance the marketability of the Radford property,” Minor said in a statement. “EPA’s grant made a real difference in our decision to purchase the foundry.”
McDonnell approved a $600,000 grant from the Governor’s Opportunity Fund to help Radford with the project. The Virginia Department of Business Assistance will provide training assistance.