RADFORD – After sitting dormant for months, there soon will be new production at the New River Foundry, bringing up to 300 jobs to the City of Radford.
According to announcements Tuesday by the City of Radford and the office of Governor Bob McDonnell, Virginia Castings Industries, LLC (VCI) “will invest $9.1 million to establish a ductile iron components manufacturing operation in the City of Radford.”
“VCI anticipates it will fill 91 employment positions in the first year of operation, growing to 300 within three year,” reads the city’s announcement. Average wages are projected at $39,300 excluding related benefits.
City representatives have been working closely with the Virginia Economic Development Partnership in locating a new business for the vacant facility over the last six months, and officials are welcoming the news.
“Not only is this great news for the local economy its wonderful news for the 300 families that it will help” said the City’s Economic Development Director, Basil Edwards. “The last several years have been really tough on our community. The foundry had been providing living wage jobs in this area for decades and its closing in December of last year was an immeasurable blow. We are very grateful to VCI and their management for their faith in our workforce and for their willingness to invest in Radford. Being able to reopen this facility so quickly is great news for the New River Valley and we are excited to welcome Virginia Casting Industries to our industrial community. ”
Radford City Manager, David Ridpath, said “he was pleased that Virginia Casting has chosen to locate and invest in Radford.”
“Cadillac Castings has an excellent record of quality and safety and is a well established industry leader, we wish them much success,” Ridpath added.
Support for this project has come from the Governor’s office, the Virginia Economic
Governor McDonnell called it a win for the region.
“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,” he said. “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. Not only will this project bring 300 jobs, many of the employees displaced by Intermet’s closing will again be employed.”
VCI’s leadership said the company is happy to be part of a positive story for a place “with great people.”
“We are extremely excited with our latest investment in Virginia,” said Dan Minor, President & CEO, Virginia Casting Industries. “We were amazed at the support and cooperation of everyone, including the Governor’s staff, the Virginia Economic Development Partnership, the Virginia Department of Environmental Quality (DEQ) and the regional office of the Environmental Protection Agency. “There is no doubt, the state of Virginia is committed to attracting investment and is why the state has been named ‘Best State for Business’ for the past four years. We were overwhelmed with support from everyone from the City, State and Federal Government.”
“This is a great facility, with great people,” Minor continued. “The facility and the City has gone through many hardships over the past 10 years, concluding with the plant closure this past December. We are honored to be part of a positive story that we believe these people, city and state so much deserve.”
Minor also thanked environmental agencies for their assistance as well.
“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,” he said. “ Brownfields personnel at Virginia DEQ spent 10 months convincing EPA that the grant would help enhance the marketability of the Radford property. EPA’s grant made a real difference in our decision to purchase the foundry.”
