New Owner Says Richmond Casting Jobs Will Stay in Wayne County
September 1, 2009
(Richmond) Richmond Casting Company will receive a $200,000 economic development income tax (EDIT) grant from the Economic Development Corporation of Wayne County (EDCWC) to assist with retention of jobs and local investment. Richmond Casting Company was recently purchased by president of the company and Wayne County resident, Gill McBride.
As the new owner, McBride ensures 37 full-time jobs paying competitive wages and benefits as well as offering a profit sharing program will remain a vital part of the economic base of Wayne County. McBride says that with the state of the foundry industry in the U.S. “any potential owner could have purchased the company, closed the foundry and moved the business to another location in another state”. He added, “Part of the reason I wanted to purchase the company was to keep the investment and jobs in Wayne County”. McBride says nothing will change now that he owns the foundry.
According to Jeff Jackson, EDCWC board chairman, “Richmond Casting is a retention project for the Economic Development Corporation (EDC). The community is fortunate that someone locally purchased the company or those 37 jobs, investment and tax revenue were at risk of being lost. This is an example of why the EDC is emphasizing its focus on existing business. Helping to keep the jobs we have is our most important task in this economy.” EDCWC board of directors approved the EDIT request at the regularly scheduled September board meeting. The request was also approved by the Wayne County Board of Commissioners. The money will come from the county’s consolidated EDIT fund.
Richmond Casting pours gray and ductile iron and produces a number of different types of iron castings. Products manufactured by the company include the gray iron practice nose cone for the 2.75 rocket fired by the Apache Helicopter used in pilot training, Ductile iron nose cones for the 2.75 rocket fired by the Apache Helicopter that become a live round after machined and assembled at another location, and parts for military vehicles. Richmond Casting also manufactures parts for the railroad, trucking and construction industries. Richmond Casting ships all over the U.S. with their parts used to construct equipment that is then shipped to several countries including France, Canada, Italy and Australia.
Richmond mayor Sally Hutton say she’s pleased the company will remain in Richmond, “We are extremely pleased that Mr. McBride has chosen to acquire the Richmond Casting Company and keep it in Richmond. Richmond Casting plays an important role in Richmond’s diverse economy and we look forward to working with Richmond Casting Company in the years to come.”
President of the Wayne County Board of Commissioners Ken Paust agrees stating, “I am pleased that we were able to work with Gill McBride to retain Richmond Casting Company. Gill has worked hard to grow Richmond Casting over the years and provide quality job opportunities here. With his purchase of the company we will be able to retain those good paying jobs and have the added benefit of another quality company with local ownership.”
McBride has been with Richmond Casting Company for 26 years. He started out as a quality inspector in 1983 and moved his way up to president in 2006. He says he’s had a good partnership with former owner Joseph E. Garrity.
The county’s consolidated EDIT fund exists through funding provided by partnering towns in Wayne County who have agreed to provide half of their EDIT proceeds yearly for county-wide economic development. Partners in county-wide economic development currently include the towns of Cambridge City, Centerville, East Germantown/Pershing, Milton, Richmond, Whitewater, Mt. Auburn and Wayne County.