The Budd Cos. Waupaca Foundry subsidiary plans to build a $95 million facility in Etowah, Tenn., in the first phase of an investment that ultimately could reach $200 million. The 249,000-sq.-ft. plant will mark Waupaca Foundry Inc.'s first entry into Tennessee and will produce gray iron castings, such as brake drums and rotors, for cars and trucks when it opens in 2001. The new foundry is expected to employ about 250 people when fully operational. A second phase is planned "if market conditions allow," says Budd Chairman and CEO Siegfried Buschmann. The second phase would add another 250,000 sq. ft. of space and could increase plant employment to 500. Buschmann reports that the company would like to begin the second phase of its development plans shortly after its initial development plans are completed. According to Budd, the new foundry will be capable of melting 70 to 75 tons per hour and will operate four molding lines. There also will be two 100-ton holding furnaces. Waupaca Foundry's other five facilities are in Wisconsin (with four) and Indiana.