Casting Technologies and the Compass Automotive Group will invest around US$3m to increase capacity for casting operations and renovating its headquarters.
Casting Technologies, a manufacturer of lightweight castings employs 85 workers at its Central Indiana facility and plans to increase employee strength in late 2008. The company specialises in providing lightweight aluminum castings as an alternative to heavier components made from steel or cast iron.
Owned by private equity firm Monomoy Capital Partners, LP, the Compass Automotive Group was created following the acquisition of Casting Technologies and Magnesium Aluminum Corporation. Along with Alcoa Automotive Castings acquired in November 2007, the three companies will be integrated in order to streamline operations and improve the cost-effectiveness.
This is the company’s second announcement to expand capacity in less than a year. In September 2007, Compass had announced the creation of 42 jobs and an investment of US$1.8m in Johnson County (US) facility.