Tulsa business enjoys new success

Monday, June 27th 2005, 11:37 am

By: News On 6

A Tulsa manufacturing company that shut its doors after 75 years is back in business. One of the state's oldest employers, Oklahoma Fixture Company has a new name and a bright new future.

News on 6 reporter Heather Lewin says for years, the building now home to Penloyd, housed OFC. In January of 2003, OFC, hemorrhaging financially, laid-off hundreds of employees and landed in bankruptcy court.

But when things got tough, workers got tougher offering to come in for free to keep the place afloat. A group of investors came in and brought the company back from the brink. Penloydâ€™s CEO John McNicholas: â€œThat's one of the reasons we were so interested in the company, we knew the core employees were very passionate about their jobs, very passionate about Tulsa, and wanted to do anything to make the company successful."

It was a big risk that paid off; Penloyd now has more than 500 employees and expects to do about $60-million worth of business this year.

In fact, things are going so well, they're still hiring with 50 positions open in the shop and 10 in the front office.