Representatives of Alcast Company Midwest Works LLC gave the Fairfield City Council an update Monday on its progress since taking possession of the business formerly known as Fairfield Aluminum Castings Company, or FALCO.
Alcast purchased FALCO on Aug. 28 after FALCO?s main lienholder told company executives to sell the firm after a series of financial setbacks.
Alcast president Thomas Browning and vice president Scott Kelsey said that, not only had the new company preserved the existing 50 jobs in Fairfield, it has added 27 more. Alcast is based in Peoria, Illinois, but its top executives spend a considerable amount of time at their new Fairfield branch. Browning works mostly in sales and marketing. Kelsey manages the plant?s day-to-day operations, and is renting a house here.
Browning and Kelsey said the company has already put $1.5 million into upgrading the Fairfield branch?s facility and equipment, and it plans to invest another $500,000 in the next six months.
?The production line was never down at any time in this process,? Browning said. ?As soon as we took possession, we started improving this location.?
Fairfield Economic Development Association?s executive director Joshua Laraby said he was thrilled to hear the good news at Monday?s council meeting.
?The asset sale has provided a clean slate and a new opportunity for the foundry?s success,? he said. ?It?s looking to be a positive step forward for both the foundry and for Fairfield. We are enthusiastic about the rapid response time and the company?s focus on growing the Fairfield operations.?
The council has a vested interest in the success of the foundry since it released a mortgage lien of $65,000 FALCO owed the city. The debt was from an Urban Development Action Grant awarded in the 1980s.
FALCO?s former president Nicole Farrier told the council in August that, even after the business was sold to Alcast, there wouldn?t be enough money left to pay back the city. She said the business could only be sold if the city released its lien.
Fairfield City Attorney John Morrissey said at the time of the sale that although the city released its mortgage lien, the $65,000 debt would still be owed to the city of Fairfield.