Rane (Madras), Chennai, India, is planning to invest $5.8 million into Precision Die Casting, Russellville, Kentucky, which it purchased in February. The investment is expected to preserve 170 jobs at the plant, which is a supplier to the automotive industry.
Kentucky governor Matt Bevin made the announcement, and welcomed the infusion of funds to the facility and state as a whole.
“Rane’s recent investment in Logan County brings a welcome lift to southcentral Kentucky,” Bevin said. “It demonstrates the impact that economic developers can have when matching the interests of local and international companies. Rane Precision Die Casting’s investment will fuel the continued growth in our automotive industry and provide quality jobs for the region. We are grateful for their longstanding commitment to manufacturing in Kentucky.”
According to local reports, the investment will help pay for new tools, machinery and also improve equipment already in place.
“Rane is encouraged by the support provided by The Logan Economic Alliance for Development, the Logan Industrial Development Authority, the City of Russellville, Logan County, and the Kentucky Cabinet for Economic Development,” said Harish Lakshman, chairman, Rane Precision Die Casting Inc. “We are impressed with the quality of the workforce. Rane is confident of reviving the business back to profitability over the next few years. We look forward to a long and prosperous relationship with Russellville and Logan County.”
The facility began in 1956 as a captive high pressure aluminum diecaster owned by Rockwell Manufacturing. Today, according to its website, the facility specializes in high volume, pressure tight, thin wall, low porosity cast and machined aluminum diecastings.
It has 28 diecast machines at its 255,000-sq. ft. plant.
When Rane (Madras) first purchased the facility, the investment was embraced by state politicians.
“It’s an honor to welcome Rane to our county as the new owner and steward of Precision Die Casting,” said state representative Martha Jane King. “We are proud that our trained workforce at the existing plant was the reason Rane chose Logan County over a Mexican location for its first North American plant. I want to thank its leaders for taking this step to invest in our community and its employees, and I also appreciate those local and state leaders who have worked with the company to make this possible.”
Rane (Madras) is part of Rane Group, a global supplier of steering and suspension systems, friction materials, valve train components, occupant safety systems, die-casting products and aerospace-grade wiring harnesses.