Family-owned Flintco may sell to St. Louis firm
Flintco LLC, one of the largest Tulsa construction companies, has begun discussions to be acquired by St. Louis-based Alberici Corp.
In a Monday press release, Flintco announced it has signed a non-binding letter of intent to begin discussions with Alberici, which is also a construction company.
The release noted that if the transaction moves forward, Flintco would keep its name, and all employees and divisions would be retained.
A possible sales price was not mentioned.
The release noted the two companies have begun a two-month due diligence period to determine their next move.
Flintco officials said in the release that the attributes of an acquisition are compelling for both entities.
"Both companies are deeply rooted in a steep sense of family, with strong traditions of safety, customer service and operational excellence," the release stated.
Flintco was founded in 1908, and at 750 employees is one of the largest construction companies in the region. Its workforce has 215 members in Tulsa.
Flintco has offices in Austin, Texas; Springdale, Ark.; Sacramento, Calif.; Memphis, Tenn.; Albuquerque, N.M.; and Oklahoma City.
- ROBERT EVATT, World Staff Writer
Midstates closes $650 million Eagle buyout
Houston-based Midstates Petroleum Co. has closed on its $650 million acquisition of all of Tulsa-based Eagle Energy LLC's oil and gas properties in Oklahoma and Kansas.
The deal, first announced in August, includes Eagle's developed and undeveloped acreage primarily in the now popular and liquids-rich Mississippian Lime trend of northern Oklahoma and southern Kansas. The properties contain 114 gross producing wells spread out over 103,000 net acres.
Eagle's team will operate those assets over a one-year transition period. CEO Steve Antry expects Midstates to hire much of the Eagle staff going forward.
Antry started Eagle in 2009 with $60 million in equity funding. Riverstone Holdings, Eagle's primary backer from day one, reportedly is interested in helping fund future developments with Antry.
Eagle wasn't Antry's first startup. He founded Beta Oil and Gas in 1997, taking it public two years later and selling it to Petrohawk Energy in 2004.
The Midstates purchase includes $325 million in cash and $325 million worth of its Series A preferred stock. The Houston company also closed a $600 million private offering of senior secured notes to help fund the Eagle acquisition.
- ROD WALTON, World Staff Writer
Tulsa ranks 38th among Bloomberg best cities
Tulsa and Oklahoma City are ranked among America's 50 best cities, according to a list recently released by Bloomberg Businessweek.
While Tulsa ranked No. 38 on the list, Oklahoma City ranked No. 23.
With help from Bloomberg Rankings, Businessweek.com evaluated 100 of the country's largest cities based on leisure attributes, educational attributes, economic factors (2011 income and June and July 2012 unemployment), crime and air quality. Major professional league and minor league teams, as well as U.S.-based teams belonging to international leagues in that city, were included.
The ranking notes how Tulsa "is home to the nation's 18th-oldest opera company, two symphony orchestras, and the thriving Brady Arts District," Businessweek.com reported. "Tulsans with more traditional tastes can scarf down corn dogs at the Tulsa State Fair, held through the first week of October."
The median household income in Tulsa is $53,059, and its unemployment rate in July was 5.4 percent. The city has 109 bars and 956 restaurants, 15 museums and 21 libraries, according to the publication.
- LAURIE WINSLOW, World Staff Writer
American announces retirements, layoffs
An early-retirement incentive program offered by bankrupt American Airlines to members of the Transport Workers Union was accepted by just more than 2,800 workers companywide and will reduce planned layoffs significantly, union and company officials said Thursday.
In Tulsa, 709 mechanics, plant maintenance and logistics specialists at American's Maintenance & Engineering Center elected to take the early-retirement option, which includes a severance payment of $39,000.
About 5,000 mechanics and related workers are employed at the base and 7,000 people overall.
On Friday, American said it will lay off 300 mechanics and about 70 fleet service workers locally.
A total of 143 fleet service workers at TWU Local 514 in Tulsa will be laid off, but half the fleet service layoffs will be in El Paso, Texas, and Memphis, Tenn., which are represented by Local 514, officials said.
The layoffs will be effective in November and December for the fleet service workers and in December and February for mechanics, officials said.
- D.R. STEWART, World Staff Writer