Business Briefs (Week of Oct. 21)
Tuesday, October 25, 2022
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Looking for business briefs? This week's roundup (for the week of Oct. 21) from The Journal Record.
Journal Record announces 2022 Woman of the Year: Amy Loftis-Walton
Amy Loftis-Walton, deputy director for business development with the Oklahoma Department of Commerce, is The Journal Record's 2022 Woman of the Year. Loftis-Walton, along with the other 50 Making a Difference honorees for 2022, was honored by more than 500 attendees at a gala event at the National Cowboy and Western Heritage Museum in Oklahoma City. The Woman of the Year program, now in its 42nd year, recognizes Oklahoma’s prominent women who epitomize leadership in both their professional endeavors and in the communities where they live.
Norman Regional reaches milestone in $300M expansion
Norman Regional Health System will soon celebrate the opening of its new state-of-the-art, free-standing emergency department on State Highway 9 in east Norman. The $22.8 million facility is an exciting development, improving services for Norman’s fast-growing east side as well as communities to the south and east. But the building at SH 9 and 24th Avenue SE is only the beginning of a $300 million expansion project changing the face of the community’s health care system. The health system’s Inspire Health initiative comprises five major projects and encompasses a million square feet of construction.
OKC expected to spend $3.6B on capital projects
Oklahoma City officials plan to spend $3.6 billion over the next five years on capital improvements throughout the city. A public hearing and adoption vote by the City Council are scheduled for Nov. 8. Ian Hutcheson, management and budget specialist, said more than half of the money for the five-year plan comes from trust funds. Trusts include water utilities, airport, zoo and Central Oklahoma Transportation and Parking Authority. Sales tax funds, including the MAPS 4 sales tax collections, make up about one-quarter of the total, and general obligation bond funds account for 14.6%.
Company places order for thousands of Canoo EVs
Electric vehicle company Canoo, which has plans for a major manufacturing facility in northeastern Oklahoma, announced that it has received an order for 9,300 of its vehicles from Kingbee Rentals. Kingbee, a Utah-based work-ready van rental company, also confirmed an option to increase the order to 18,600 vehicles. News of the Kingbee order came months after Canoo landed a critical order from Walmart Inc., which agreed to buy 4,500 of its delivery vans.
Hamm, Continental reach agreement to take company private
Continental Resources confirmed that it has agreed to an offer from billionaire founder Harold Hamm to take the company private at a valuation of about $27 billion. Hamm, who founded Continental originally as Shelly Dean Oil Co. in 1967, offered $74.28 per share for the portion of the company not already owned by himself and the Hamm family trust. He previously had proposed $70 per share in June.
OU launches public phase of historic campaign
The public phase of what’s been called the largest philanthropic campaign in the history of Oklahoma higher education has been launched at the University of Oklahoma. The goal of the “Lead On” campaign is to raise $2 billion. Funds generated will be used to increase access to affordable higher education in the state, to support greater delivery of quality health care for Oklahomans, and to generate real-world impacts through pathbreaking research and innovation, officials have said. The multiyear campaign has raised about $600 million since its quiet opening in July 2020. It is slated to conclude in June 2027.
Stitt picks March date for marijuana vote
Gov. Kevin Stitt set March 7, 2023, as the date for a special election on recreational marijuana in. Proponents of State Question 820 had turned in more than enough signatures well in advance of their deadline in order to get the measure on the Nov. 8, 2022 general election ballot. But unprecedented delays caused by a new voter verification system prevented state officials from getting the question on the ballot in time.
OCU inducts Beffort, Keating, Switzer into Hall of Honor
Three prominent honorees – developer Mark Beffort, community leader Cathy Keating and football coach Barry Switzer – were inducted into the Oklahoma Commerce & Industry Hall of Honor. The 36th annual induction ceremony was held at the Oklahoma City Convention Center with about 425 people in attendance. Oklahoma City University established the Oklahoma Commerce & Industry Hall of Honor to recognize business and community leaders who have made significant contributions to the growth and development of Oklahoma. The Hall of Honor is housed in the Meinders School of Business at OCU.
Biomanufacturing workforce training center anticipated in OKC
A biomanufacturing workforce training center planned in Oklahoma City’s Innovation District could be key to preparing people for careers in biomanufacturing and advancing the important and growing sector in the state. According to industry advocates, the highly anticipated center will help meet growing demands for skilled labor in the Oklahoma Biotech Innovation Cluster, an initiative spearheaded by the Greater Oklahoma City Chamber with partners including the Innovation District, University of Oklahoma, Echo Investment Capital and some 40 others, including tribal nations.
Tulsa’s Limco Airepair earns Boeing 777 MRO contract
A Tulsa company has garnered a contract to do maintenance, repair and overhaul work on thermal components of Boeing 777 airliners. The Limco Airepair contract, with an estimated annual value of $6 million, was announced Tuesday. Limco is a subsidiary of TAT Technologies, a company based in Israel that supplies products and services for the commercial and military aviation industries and ground defense industries. TAT said in a release that it had expanded a contract with Collins Aerospace, which provides MRO services for Boeing, and that work on thermal components of the big jetliners would be performed by Limco in Tulsa.
Executions continue in state as nation turns from 'broken' death penalty
While much of the rest of the country is moving away from capital punishment, Oklahoma continues to push full speed ahead in the opposite direction. The execution of Benjamin Cole on Thursday solidifies Oklahoma’s reputation for having the highest number of executions per capita in the nation. Cole’s execution marked the second in a series of 25 executions scheduled within a period of 24 months, and the sixth since the state resumed executions in 2021. Nationwide, the number of executions dropped from 85 in 2000 to just 11 in 2021, and death sentences across the United States have plunged by more than 90% over the past two decades, with just 18 imposed in 2021.
New energy bringing growth, change to Britton District
Longtime Britton District business owners John and Hattie Santore are thrilled to see the energy new businesses are bringing to the once blighted area. The couple have owned the 58-year-old Nearly New consignment shop for the past 19 years through ups and downs, including a six-month closure due to COVID-19. Today they see young families moving into the neighborhood along with new businesses. Oklahoma City annexed Britton in 1950 but mostly ignored the area until investors and businesses began making some noise a few years ago. Now, the area is ripe for additional growth.
Williams, partners pushing hydrogen commercialization strategy
Williams has signed a memorandum of understanding with Daroga Power that the Tulsa-based company said will allow it to advance a clean hydrogen commercialization strategy. New York-based Daroga identifies as an investor and developer of energy assets including hydrogen fuel cells and solar power. According to a release, Williams and Daroga have agreed to work together in identifying long-term, end-use customers for clean hydrogen produced in Wyoming. Deliveries of hydrogen could begin as soon as 2025.
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