Borets-Weatherford building research lab at Tulsa location
A big reason Borets-Weatherford moved its headquarters to Tulsa a few years back is that northeastern Oklahoma is the historical and tactical center of the electric submersible pump industry, company officials said Monday.
Borets-Weatherford U.S. Inc. is strengthening that commitment significantly, announcing plans for a 15,000-square-foot research and development lab to be completed by the end of this year. The facility will include two test wells to replicate field challenges for pumps that help move oil and gas up from geologic formations deep underground.
"Our dominance in the ESP business will be supported by our investment in research and development," Kim Arnold, CEO of the Russian company's North American subsidiary, said during a groundbreaking ceremony outside the headquarters at 1600 N. Garnett Road.
Borets, a global leader in ESP technologies, recently brought its relatively new permanent magnet motor system to the North American market. The company acquired Midland, Texas-based Weatherford in 2008 and consolidated the administrative functions in Tulsa two years later with 26 employees.
The local workforce is up to 90 and should increase by 30 over two years, Arnold said.
"One of our strategic goals is to double the size of our business in the next five years," he said.
- ROD WALTON, World Staff Writer
Local Hostess Bakery part of Flower Foods $360M bid
The Hostess bakery in Tulsa could be revived under a new owner after Flowers Foods Inc. made a bid for most of the bankrupt company's bread brands and 20 bakeries nationwide.
Flowers Foods, based in Thomasville, Ga., announced Friday it had agreed with Hostess Brands Inc. to buy its brands, bakeries and 38 depots for $360 million.
But the deal would not include retention of the 180 workers at the Tulsa bakery, 1111 S. Sheridan Road, who lost their jobs in November, nor those at 13 other facilities across the country.
Flowers Foods' brands include Nature's Own and Tastykake.
Irving, Texas-based Hostess has been in bankruptcy for more than a year. It shut down 33 bakeries in December after a contentious fight with union employees who would not agree to wage and benefits cuts.
Flowers Foods spokesman Keith Hancock said the $360 million bid is just the first of many steps that the company would need to go through to acquire the Hostess brands and facilities.
"The bid would have to be approved by the bankruptcy judge, and then it would set a price for other companies to try to match," Hancock said.
- KYLE ARNOLD, World Staff Writer
Construction contractors modestly upbeat about 2013
Oklahoma builders are feeling more optimistic, but some warn that a full recovery may be far off.
Associated General Contractors of America says 44 percent of Oklahoma builders expanded their workforce in 2012, compared to 19 percent that cut back and 38 percent with no changes.
The gains were small, however. The association said a survey showed that 72 percent of the contractors that hired added 15 or fewer people, and only 28 percent hired more than that.
Oklahoma builders outperformed the national average; only 37 percent of builders across the country added to their payroll last year, with 31 percent shrinking their workforce and 32 percent holding steady.
Bob Jack, senior vice president of Manhattan Construction, said he believes things are improving - slowly.
"2013 we feel is a year in transition," he said. "We won't have a full recovery, but at Manhattan we have some backlog we're working on."
- ROBERT EVATT, World Staff Writer
Bluestone II buying up Texas gas properties
The second version of Bluestone Natural Resources is growing fast but staying focused on buying conventional natural gas assets much like its original incarnation did more than five years ago, President John Redmond said.
Tulsa-based Bluestone Natural Resources II, founded last February, announced its seventh acquisition in the past 11 months. It bought 75 unconventional wells in south Texas from an undisclosed buyer, bringing the company's proved reserves to more than 100 billion cubic feet equivalent.
"We had a very busy 2012, and it's gearing up to be a busy 2013," Redmond said.
Redmond and his team started the original Bluestone Natural Resources, known as Bluestone I, in 2006 with a $40 million commitment from the Natural Gas Partners private equity firm based in Irving, Texas.
Much of Bluestone I's assets were merged with Houston-based Memorial Energy Partners in late 2011. The Tulsa company, however, still exists and continues to develop its Mossy Grove holdings that include approximately 22,000 net acres in east Texas.
Bluestone II, like Natural Gas Partners and New York equity firm KKR & Co, is investing in natural gas drilling sites despite the commodity's current low price at market. KKR and Natural Gas Partners teamed up with other investors to buy Tulsa-based natural gas heavy Samson Investment Co. in December 2011.
- ROD WALTON, World Staff Writer
Verizon adding up to 500 jobs for Tulsa financial center
Verizon will soon add a financial services hub to its Cherokee Industrial Park facility, a move that will add 500 jobs to the area.
The announcement was made Friday morning.
When complete, Verizon's financial services hub will handle accounts payable, accounting and other financial activities.
No timetable was announced for the opening of the financial addition, though Verizon already employs more than 900 at the Cherokee Industrial Park facility, 6929 N. Lakewood Ave.
In a press release distributed before the event, Tulsa Mayor Dewey Bartlett praised the move.
"Tulsa continues to establish itself as a national leader in job creation," he said. "The commitment of outstanding companies such as Verizon helps us solidify our place as a top city and region for many areas of economic development, and we congratulate Verizon on its continued success and growth."
Mike Neal, president and CEO of the Tulsa Regional Chamber, said the announcement was one of the most significant the area has seen in recent years.
"Verizon's decision to build a new hub employing more than 500 skilled workers is a tremendous boost to our region's economic development efforts and reflects the spirit and commitment of Verizon as they continue a tradition of growth and investment in Tulsa," he said. "Verizon is well-positioned in the marketplace, and our community is fortunate that, among its many national locations, that Tulsa was chosen for their vital financial services hub."
- ROBERT EVATT, World Staff Writer
