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Aerocast to Increase Production |
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Released on December 15, 2011
Nonferrous sand caster Aerocast Inc., Mesa, Ariz., announced it has secured a loan close to $2 million to increase its production capabilities.
Aerocast said it has received $1,450,000 of the original loan and is in negotiations with the same lender for additional advances.
In exchange for the loan, Aerocast said it granted the lender a security interest on all of its accounts, accounts receivable, inventory, equipment and proceeds.
Aerocast produces aluminum and magnesium castings primarily for the aerospace industry. Its customers include Honeywell Aerospace, Hamilton Sundstrand, Sikorsky Aicraft and Shimadzu Precision Instruments. The company indicated it is expanding due to high demand for its products and limited competition.
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