Oil-and-gas company buys parcels
By Burton Speakman
A Switzerland company is the latest oil-and-gas operation to purchase property in Youngstown.
Weatherford Artificial Lift Systems Inc., a subsidiary of Weatherford International Ltd., purchased two parcels at 1100 Performance Place — the former home of Polly Air — from STAG III Youngstown LLC for $3.4 million.
Weatherford Artificial Lift Systems is based in Houston.
The building is 153,708 square feet and sits on 20.37 acres off Poland Avenue south of downtown Youngstown.
“We’re glad to have them. We welcome them to the area,” said Sarah Boyarko, vice president for economic development retention and expansion for the Youngstown/Warren Regional Chamber. She said the chamber has known that Weatherford was looking to come to the area.
“We gave them a presentation of the services we could offer. They didn’t seem to be interested in any of it,” she said.
Weatherford appears to want to come to the area and conduct its work quietly, Boyarko said.
The company did appear at one job fair for veterans locally about a month ago, she said.
According to its website, Weatherford International makes products that are used throughout the production process of oil and gas wells.
The company has domestic companies in Arkansas, California, Colorado, Louisiana, New Mexico, Oklahoma, Pennsylvania, Texas and West Virginia. They also have numerous international companies.
This would be the first location in Ohio.
Weatherford reported first-quarter net income of $123 million. The company reported revenues of about $3.6 billion, up 26 percent compared with the same quarter the previous year.
Officials from Weatherford were not available to comment Monday.