Compass Automotive Group’s Casting Technologies Co. plans to expand manufacturing and renovate its headquarters in Franklin, IN, according to local reports. Details of the $3-million plan are scarce, though the company and state officials acknowledge the project will result in 40 new jobs.
Casting Technologies is a squeeze-casting and VRC/PRC operation that produces lightweight, near-net shape automotive components.
It is a division of Compass Automotive, the holding company that also includes Magnesium Aluminum Corp. and SRC, which produces fused and blended magnesium flux. Both of those divisions are in Cleveland.
Compass is a holding of Monomoy Capital Partners, which late last year added the former Alcoa Aluminum Castings operations to the group.
"Automobile manufacturers are looking for ways to reduce vehicle weight to improve fuel economy. Casting Technologies Co. specializes in providing lightweight aluminum castings as an alternative to heavier components made from steel or cast iron," stated Craig Conaty, president and chief operating officer of Compass Automotive Group.
The Indiana Economic Development Corp. offered up to $327,000 in performance-based tax credits, and up to $24,000 in training grants to Compass, based on the number of jobs to be created by the expansion. The City of Franklin is expected to offer property-tax abatement for the project.