New Source opens stock offering
New Source Energy Partners LP has launched a registered underwritten public offering of 2.8 million common units. Underwriters also will have the option to purchase an additional 420,000 units representing limited partner interests. New Source expects to use net proceeds from the offering to repay part of the outstanding debt under its revolving credit facility.
CMP wins manufacturing award
Oklahoma City-based CMP Corp. has received the 2014 Manufacturing Leadership Award in Operational Leadership for its effort to eliminate waste and reduce costs throughout the company. CMP’s Lean Manufacturing Initiative began in 2009 and has since reduced its production lead time to 10 days from 85, cut crankshaft production costs by 25 percent and decreased the distance traveled for crankshaft production to 240 feet from 1 mile. The company also has reduced back orders by 90 percent and improved its information technology efficiency by 75 percent. “It’s an incredible honor to be recognized with a prestigious Manufacturing Leadership Award,” CMP President Brad Croy said.