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Weatherford Pays $3.4M for Performance Park Building
YOUNGSTOWN, Ohio -- Another global oil and gas company is moving into the Mahoning Valley with the closing of a $3.4 million transaction to set up shop in the city's Performance Place Industrial Park.
An affiliate of Weatherford International, based in Geneva, Switzerland, has purchased the former acquired the former Polyair facility. The 153,708-square foot building sits on 20 acres; its $3.4 million sale price amounts to about $22 per square foot, public records show.
Weatherford Artificial Lift Systems, based in Houston, purchased the property from an affiliate of Stag Industrial Inc. in Boston, which had listed the property for $3.84 million with CRESCO Real Estate, an affiliate of Cushman & Wakefield in Cleveland. Stag Industrial had acquired the property in 2007 for $3.9 million.
A spokeswoman for Weatherford, an oilfield services company operating in more than 100 countries and employing more than 50,000, last month confirmed the company was scouting “several” potential locations in the area and was performing due diligence on the sites. She could not say what kind of operation the company would be locating here or how many employees it planned to hire locally, but that the facility would cover “multiple product lines.”
Weatherford, without explanation, called off a planned job fair that was to take place March 13 and 14 at the Mahoning County Career and Technical Center in Canfield. The company said at the time that it would be rescheduled.
On its website, the company says it operates “regional hubs in major energy-producing areas such as Asia, Canada, Europe, Latin America, the Middle East, Russia, and the United States. We have located people, resources and authority closer to our clients. This global yet local structure permits better understanding of local markets and risks, enabling us to provide more responsive, more focused and more adaptable service.”
The positions for which Weatherford previously said it is seeking local job applicants include equipment operators, mechanics, sand coordinators, field engineers, service supervisors, safety specialists, dispatchers and warehouse personnel.
Weatherford describes itself as “one of the largest global providers of products and services that span the drilling, evaluation, completion, production and intervention cycles of oil and natural gas wells. Weatherford is a new breed of service company -- one that can provide the industry with extended products and services, more efficient operations, more powerful research and development capabilities and greater geographic diversity,” states the company’s website.
Weatherford reported preliminary fourth-quarter 2011 pre-tax income of $254 million, or $352 million after excluding pre-tax losses of $98 million including a $67 million charge for assets principally in Libya.
Copyright 2012 The Business Journal, Youngstown, Ohio.