Barton Industries Extended $3 Million Revolving Credit

By Lewis, Constance | THE JOURNAL RECORD, January 13, 1989 | Go to article overview

Barton Industries Extended $3 Million Revolving Credit


Lewis, Constance, THE JOURNAL RECORD


A $3 million revolving line of credit extended to Barton Industries Inc. will enable the publicly traded, oilfield service company to further its goal of expanding into an international chain of service centers, Barton announced Thursday.

The credit, established with American Bank and Trust of Tulsa, will provide Barton with the working capital to meet its growth plan of establishing 15 service centers in the continental United States, Canada and Alaska by March, said C.W. "Earl" Johnson, president of the Shawnee-based concern.

"Our goal is to broaden the range of products and services offered by the company and to achieve certain economies due to the vertical integration of product lines within the company," said Johnson.

The service center division, launched in December, will concentrate on sales and repair of wellhead equipment to natural gas and industrial markets in addition to Barton's primary valve manufacturing activities.

For the fiscal year ended Sept. 30, Barton reported a loss of $361,848, or 8 cents per share, compared to a loss of $2.7 million, or 77 cents per share, in fiscal 1987. …

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