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SPS Technologies and its parent company Precision Castparts Corp. reached a settlement in a class-action lawsuit filed after a 2025 four-alarm fire at their plant in Abington Township, according to a Friday release.
If approved by a court, affected business owners, employees of impacted businesses and residents within a 1-mile radius of the former facility at 301 Highland Ave. could be eligible to receive cash payments.
The payments could cover unreimbursed business losses of up to $5,000, unreimbursed property damage losses of up to $300 and unreimbursed hourly wage losses of up to $200.
To be eligible for a cash payment, settlement class members must fill out a claim form by Dec. 3. The court will hold a hearing on May 25, 2027, to decide whether to approve the settlement.
What happened to the SPS Technologies facility — and when could it return?
The Standard Press Steel Company was first incorporated in 1903 and bought the parcel of land from Wharton Switch Works in 1920. In 1978, the company changed its name to SPS Technologies. Precision Castparts Corp. acquired SPS Technologies in 2003.
Over the years, the aerospace manufacturing plant in Abington became one of the nation’s key producers of high-tolerance fasteners and parts used in U.S. military vehicles.
A fire broke out inside the facility on the evening of Feb. 17, 2025. According to the company, the sprinklers were inoperable due to maintenance, but “alternative fire prevention protocols” were in place. Fire crews rushed to the scene, but the inferno raged beyond control.
By morning, officials ordered evacuations and school closures. No one was injured — but the fire burned for days. It took 68 fire crews from Abington, Cheltenham, Jenkintown and beyond to finally extinguish the blaze on Feb. 22, 2025.
More than 80% of the 600,000-square-foot building was left either charred or compromised. SPS Technologies began demolishing the facility in May 2025. The plant, which was a major source of local jobs, laid off 250 employees.
In September 2025, SPS Technologies unveiled plans to construct a smaller, two-story, 350,000-square-foot facility on the same property.
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