At 17 Companies, Free Money Flows From Workforce

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The Pooled Finance Act program provides up-front debt financing to help pay for plant expansions and equipment purchases. The debts are paid off by diverting company employee income tax withholding payments for periods ranging from four to 15 years. So far, 17 companies are approved for receiving more than $89 million. Most data in the table was obtained in March 2015.

Click on a column heading to re-order the table.

CompanyFacility LocationProject PurposeDateFunds ProvidedRetained JobsEst. New Jobs**
AdvancePierre FoodsEnidUpgrades, renovationsJune 2013$3,000,000778100
Anchor Glass Container Corp.HenryettaFurnace rebrickingMarch 2015$2,000,00032824
Berry Plastics Corp.McAlesterEquipmentFebruary 2013$950,00019225
Bullet Energy Services LLCVelmaExpansionOctober 2014$1,000,0005540
Goodyear Tire & Rubber Co. Inc.LawtonExpansion, equipmentOctober 2010$20,000,0002,40075
Hitachi Computer Products (America) Inc.NormanWarehouseMay 2010$15,000,00030075
International Paper*ValliantModernizationDecember 2014$12,000,00031749
L-3 AerometTulsaHangar, office improvementsDecember 2012$3,800,000125110
Lufthansa Technik Component ServicesTulsaExpansion, consolidationJanuary 2013$3,000,0006651
Michelin North America Inc.ArdmoreEquipment, upgradesFebruary 2013$10,000,000190020
Newell Coach Corp.MiamiExpansion, consolidationFebruary 2014$1,000,00016320
Orchids Paper Products Co.PryorModernizaton, new production lineSeptember 2014$3,500,0003207
Process Manufacturing Co Inc.TulsaPaint, assembly, testing facilitiesFebruary 2012$3,900,00089160
PT Coupling Co.EnidFoundry, expansion, upgradesFebruary 2012$1,500,00026320
Temtrol LLCOkarcheExpansion, upgradesJanuary 2013$2,500,00031380
Vallourec Star LPMuskogeeExpansion, upgradesJune 2013$2,000,00019425
Whirlpool Corp.TulsaModernization, new production lineMarch 2014$4,000,000856150
Totals$89,150,0008,6591,031

**Job figures for AdvancePierre, international Paper and Michelin are those contained in original Commerce Department evaluations and determination letters.
*International Paper received two financings, $8 million in 2012 and $4 million 2014. They were consolidated into a single debt package with a remaining principal balance of $9.5 million.

Sources: Oklahoma Commerce Department, Oklahoma Development Finance Authority, Oklahoma Office of Management and Enterprise Services.

  • Jan Gaddis

    This is very useful information for citizens of this state . Thank you.