Richmond Casting Co., an Indiana gray and ductile iron foundry, has been bought by a longtime company manager for a reported $6 million. The Economic Development Corporation of Wayne County (Indiana) provided the buyer with a $200,000 economic development income tax grant to support job retention and local investment.
The new owner, Gil McBride, assures that 37 full-time positions will be preserved.
McBride acquired the foundry from Joseph E. Garrity. He has been an employee of Richmond Casting since 1983, and was named president in 2006.
McBride expressed satisfaction that his ownership will maintain the business and preserve the jobs. “Part of the reason I wanted to purchase the company was to keep the investment and jobs in Wayne County,” according to a release.
Jeff Jackson, EDCWC board chairman, stated: “Richmond Casting is a retention project for the Economic Development Corporation. … 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.”
Richmond Casting produces gray iron practice nose cone for a 2.75 rocket fired by the Apache Helicopter, and ductile iron nose cones for the 2.75 rocket fired as live rounds by the Apache. (The latter products are machined and assembled offsite.)
The company also manufactures other military products, and products for railroad, trucking and construction applications.
Company President Buys Richmond Casting
Indiana foundry to continue producing munitions, other gray/ductile iron castings