Oklahoma's low cost of doing business is getting the attention of companies from other states, the state's bond adviser said Thursday.
Jobs are being added in Oklahoma as companies transfer operations from Iowa and California to facilities in Enid and Tulsa. The companies involved are using a state loan program to help finance the deals.
“We're starting to see more businesses come in recognizing the benefits of a good labor pool, inexpensive land, low cost of operations,” said Jim Joseph, the state's bond adviser. “You put those things together and it's a pretty good business environment.”
The state Council of Bond Oversight approved two financial deals Thursday of $3 million each that would help expand Oklahoma facilities.
Each expansion project should mean an additional 50 jobs.
One approval authorizes the Oklahoma Development Finance Authority to issue a revenue note, or loan, for Lufthansa Technik Component Services to expand an existing facility in Tulsa, said Michael Davis, president of the Oklahoma Industrial Finance Authority.
The company is one of six business units within Lufthansa Technik, a leading manufacturer and independent provider of maintenance, repair and overhaul services for civilian aircraft.
Lufthansa Technik announced late last year the consolidation of its North American component capabilities, which included transferring its operations of Hawker Pacific Aerospace in Sun Valley, Calif., to Lufthansa Technik Component Services in Tulsa.
Lufthansa Technik Component Services is planning a $19.8 million expansion in Tulsa to accommodate the transfer. It should result in the addition of 51 jobs in about five years, with an average salary of about $70,000 per year. The company now has about 65 employees in Tulsa.