Revstone foreclosure filing: ?Not what you think?

Dexter Foundry Inc. filed a foreclosure notice against Fairfield Castings LLC, the former Revstone Castings Fairfield, Wednesday in the Iowa court system.

?It?s not what you think it is,? said Myra Moreland, executive vice president of sales, marketing and communications for Revstone Industries LLC.

She explained when Revstone acquired the Dexter Foundry in December 2010, it purchased the facility and the equipment, but not the land itself.

The property has an encroachment by the Burlington Northern Santa Fe Railroad, so there is not a clear title for the land, she continued.

A process with the railroad and the state has been started to obtain a clear title, but it is not a process that moves very quickly, Moreland said.

?Dexter is just trying to move the process forward faster by filing the foreclosure,? she explained.

?There is no jeopardy to the plant, the people or the equipment,? she added. ?The plant is running and continues to run.?

Moreland explained the name Revstone Castings Fairfield was recently changed to Fairfield Castings LLC.

The new name came about after the Fairfield foundry was moved from under one umbrella of the Revstone group of manufacturers to another.

Now sitting under the Spara umbrella, Fairfield Castings will have more opportunities to produce parts for the automotive industry, Moreland said.

?Everything is staying the same ? the people, the equipment,? she added.