A reopened foundry in Fairfield has been approved to receive nearly one million dollars of state funding.

According to the Fairfield Economic Development Association the Iowa Economic Development Authority awarded $600,000 in direct financial assistance in the form of a loan as well as $255,000 in Investment Tax Credits to Faircast Inc., granted through the High Quality Jobs (HQJ) program. HQJ provides qualifying businesses assistance to offset some of the costs incurred to locate, expand, or modernize an Iowa facility. Faircast, Inc. purchased certain assets of the formerly known Fairfield Casting LLC foundry on June 28. Fairfield Casting LLC foreclosed last June and laid off nearly all of its 221 employees. The foundry restarted production on July 6 and rehired 89 employees. The company plans to make a capital investment totaling $3.2 million. Faircast, Inc. President Roger Vorhies says this assistance package will help to focus on stabilizing the foundry and grow the company back to its previous levels. The manufacturer produces ductile and gray iron green sand castings for agricultural, rail, construction, and automotive industries.