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Study ofForge PlantUnder WayTo See How It Could Fit Into New Corp.The Titusville Industrial Fund, Inc., ar.d the Shenango Valley Industrial Development Corp. have authorized a feasibility study on the possibility of success if the Titusville Forge Division of Struthers Wells were to be included in a new corporation which would erect a facility in the Sharon area.The feasibility study is being undertaken by the firm of Cresap, McCormick and Paget, management consultants in New York. The study is to be completely objective on a disinterested basis. Each industrial development organization would pay half of the cost. There have been several lengthy conferences between the two groups concerning the desirability of the study.The study would center on the projected operations of a corporation including the Titusville Forge plant and a new forging facility proposed to be erected adjacent to a steel mill in the Sharon area. This facility would forge using carbon and alloy steel ingots delivered to it hot. The proposal is for the rough • forgings to be trucked from the Sharon area to Titusville and machined and finished here.Corporation FormedThe Titusville Sharon Corporation has been formed. It would be the vehicle for private outside investment.The feasibility study is also required by the Area Redevelopment Administration if public funds are involved in the initialfinancing.If the study is favorable and in vestors can be obtained, the facility at Farrell will require somt two years before it could be ir operation.Officers of the Titusville Sharor Corporation are G. S. Warren Jr., president, and Gene L. MacDon aid, secretary, both of the Shea ango Valley Industrial Development Corp., and W. D. Stevenson, vice president, and Jack Price, treasurer, both of the Titusville Industrial Fund. No salariesexpenses are being paid presen officers.Struthers Wells announced re cently that it will cease operatin the Titusville Forge Division, possibly this summer.
Newspaper Details
Titusville Herald
Titusville, Pennsylvania, US
Tue, Apr 30, 1963
Page 1
Full Page
Clipped by
Connie T.
USA 22 Oct 2021
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