Newspaper article THE JOURNAL RECORD

Initial Approval Granted to $2 Million Acme Loan

Newspaper article THE JOURNAL RECORD

Initial Approval Granted to $2 Million Acme Loan

Article excerpt

Acme Fence & Iron Co. of Norman was given initial approval Thursday for a $2 million state-backed loan to defray debt associated with a $4.4 million expansion completed last fall.

Oklahoma Development Finance Authority directors approved an inducement resolution for the taxable $2 million revenue bond or note issue to provide permanent financing.

The authority will make application of behalf of Acme with the Oklahoma Industrial Finance Authority, which would issue the bonds or notes if approved. The development finance authority would collect payments from Acme to pass on to the industrial finance authority to repay the debt.

Acme had procured a short-term loan from Bank of Oklahoma NA to finance the construction of a 124,000-square-foot expansion at 3505 N. Int. Hwy. 35 in Norman, said Oklahoma City attorney Brent Clark, bond counsel for Acme.

If sales improve to the company's projection of $2 million, 15 new employees may be added to the workforce of 120, said Greg Stehr, credit manager for Acme. Currently, Acme has a payroll of $1.4 million.

Last fall, the company added to its plant a chain-linked fence line that is galvanized after weaving, Stehr said. Previously, the company only made galvanized-before-weaving fencing and solid tension bars.

Machinery was added to facilitate three shifts of production for the new fence line, but only one is currently in operation, Stehr said.

Encroachment of Mexican manufacturers into the galvanized-before-weaving fence line forced the company to the new line, Stehr said. He said fences galvanized after weaving are more durable and target market areas are in the North and coastal areas due to salty air quality.

Russell Thedford is president of Acme; Joseph J. Smiley is director and president; and other stockholders are Gene Driesbach and Rollie Thedford, according to the loan application. …

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