SPS Technologies and its parent company, Precision Castparts Corp., have reached a settlement in a class-action lawsuit following a four-alarm fire at their Abington Township plant in February 2025. If approved by a court, affected residents, employees of impacted businesses, and business owners within a 1-mile radius of the former 301 Highland Ave. facility may be eligible for cash payments.

Potential payments include:

• Up to $5,000 for unreimbursed business losses
• Up to $300 for unreimbursed property damage losses
• Up to $200 for unreimbursed hourly wage losses

To be eligible, settlement class members must submit a claim form by Dec. 3. A court hearing is scheduled for May 25, 2027, to decide on the settlement approval.

The 2025 Fire

The fire broke out at the aerospace fastener facility on the evening of Feb. 17, 2025. The company stated that sprinklers were inoperable due to maintenance at the time, though "alternative fire prevention protocols" were in place. The blaze was extinguished on Feb. 22, 2025, after 68 fire crews from Abington, Cheltenham, Jenkintown, and other areas responded. No injuries were reported.

The fire left more than 80% of the 600,000-square-foot building charred or compromised. Following the incident, SPS Technologies began demolishing the facility in May 2025 and laid off 250 employees. In September 2025, the company announced plans to build a new 350,000-square-foot, two-story facility on the same property.