Money & Business
Indiana company closing Oklahoma City plant
Written by Dick Pryor Tuesday, 21 June 2011 21:45
OKLAHOMA CITY (AP) - An Indiana company that produces water and fuel pumping systems plans to close its Oklahoma City manufacturing plant. Franklin Electric Co. Inc. says most of the work done at the facility will be moved to an operation in Linares, Mexico, and a small portion will be transferred to another Oklahoma City location. Officials said the transfers should be completed by next year. The company didn't specify how many employees in Oklahoma City will be affected. A spokesman at the company's headquarters in Bluffton, Ind., didn't immediately return a call seeking comment on Tuesday. The company last year eliminated 50 jobs at its Siloam Springs, Ark., facility. Officials said they expect to incur additional charges for the write-down of assets from that facility. The company's website says it employs 3,500 worldwide.Â
Economist: Exports aiding Midwest economic growth
Written by Dick Pryor Wednesday, 01 June 2011 15:17
OMAHA, Neb. (AP) - A survey in nine Midwestern and Plains states suggests that exports are helping fuel regional economic growth. A report released Wednesday says the Business Conditions Index for the Mid-America region rose in May, to 60.2 from 57.7 in April. Creighton University economist Ernie Goss (GAHS) oversees the survey. He says that although higher commodity prices have hampered the regional economy, exports are making "a significant contribution to growth."The survey of supply managers and executives and the report use a collection of indexes ranging from zero to 100. Organizers say any score above 50 suggests economic growth in the next three to six months, while a score below 50 suggests a contracting economy. States in the survey are Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
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Tenn company to build wind farm in Okla Panhandle
Written by Dick Pryor Tuesday, 17 May 2011 15:39
GUYMON, Okla. (AP) - A Tennessee company has been picked to build what it's touting as the first utility-scale wind farm in Texas County in the Oklahoma Panhandle. Signal Energy LLC President Ben Fischer says his Chattanooga, Tenn.-based firm will work with wind turbine manufacturer DeWind Co. on the project near Guymon. Signal Energy says the 370-megawatt project will produce enough electricity to power more than 24,000 homes.
The company says it will start construction by the middle of this year for the 80-megawatt first phase of the project. That phase is slated to start commercial operation in the first quarter of 2012. Signal Energy spokeswoman Cortney Piper says neither company involved wants do disclose the project's price.
Oklahoma moves up list of business friendly states
Written by Dick Pryor Tuesday, 17 May 2011 15:37
OKLAHOMA CITY (AP) - A national publication that targets business leaders from across the country says Oklahoma is moving up in its ranking of which of the 50 states are best for business. Chief Executive magazine moved Oklahoma up eight spots in this year's rankings to No. 11 overall. The magazine polled more than
500 chief executive officers on criteria ranging from taxation and business regulations to the quality of a state's workforce and living environment.
Lt. Gov. Todd Lamb, who serves as the governor's secretary of small business, says the ranking shows Oklahoma is on the "cusp of a renaissance." Texas again ranked No. 1 on the list, followed by North Carolina, Florida, Tennessee and Georgia. California ranked 50th.
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Chesapeake Energy CEO Says Stock Price Should Rise
Written by Dick Pryor Tuesday, 03 May 2011 17:52
OKLAHOMA CITY (AP) - The head of Chesapeake Energy Corp. says his company's stock remains undervalued and expects its price to rise during the coming months. CEO Aubrey McClendon spoke Tuesday during a conference call with analysts to discuss Chesapeake's first-quarter earnings report. The Oklahoma City-based independent natural gas and oil producer earlier reported a $205 million loss during the quarter, citing the marking down of the value of derivatives contracts used to guard against rising energy costs. Excluding special items Chesapeake earned $518 million, or 75 cents a share, during the quarter, which was above analysts' expectations. McClendon says Chesapeake already has reached its goal of reducing debt by 25 percent by the end of 2012. Chesapeake's stock was at $32.20 - down $1.03 - in early trading Tuesday.
