Casting Technologies and the Compass Automotive Group will invest more than $3 million to increase its casting operations and renovate its headquarters facility.
Casting Technologies Company, which produces lightweight castings for nearly every major automotive manufacturer, currently employs 85 workers at its Central Indiana facility and plans to begin hiring additional operators, maintenance technicians and professional staff later this year.
“Automobile manufacturers are looking for ways to reduce vehicle weight to improve fuel economy,” said Craig Conaty, president and chief operating officer of Compass Automotive Group. “We specialize in providing lightweight aluminum castings as an alternative to heavier components made from steel or cast iron.”
New York-based private equity firm Monomoy Capital Partners, L.P., announced the creation of Compass Automotive Group following its acquisition of Casting Technologies and die cast engineered aluminum and magnesium manufacturer Magnesium Aluminum Corporation.
Coupled with its November 2007 acquisition of suspension and chassis components manufacturer Alcoa Automotive Castings, Compass, is integrating the three acquired companies and product lines into a more efficient operation to provide automakers and tier-one suppliers cost-effective component solutions across a range of metals and manufacturing processes.
“Compass decided to locate its headquarters in Franklin because of its strategic location, excellent work force and the community's ability to support business growth,” said James A. Squatrito, CEO of Compass Automotive Group.
The Indiana Economic Development Corp. offered Compass Automotive Group up to $327,000 in performance-based tax credits and up to $24,000 in training grants based on the company's job creation plans. The company will pursue property tax abatement through the city of Franklin.
“Casting Technologies is a valuable partner in maintaining the overall economic stability of Franklin,” said Fred Paris, mayor of the city. “I feel this is a solid investment in our community.”
The announcement of Casting Technologies plans to grow its Franklin operations is the second in less than a year. In September, the company committed to create 42 jobs and invest $1.8 million in its Johnson County facility.
本文转自：China Industry News
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