Global Power Equipment Group Inc.
"One-third of the world's population does not have access to modern electricity. Think about that. We do every day," said Larry D. Edwards, president and chief executive.
Global Power Equipment, No. 5 on the Oklahoma Inc. list this year, designs, engineers and makes equipment for gas-turbine power plants: heat-recovery steam generators, boilers, exhaust systems and gas and steam turbine enclosures. Equipment is sold under the brand names Deltak, Braden and Consolidated Fabricators.
In business since 1923, and in the power generation industry for more than 30 years, Global Power is not a household name, nor are its brand names. But Edwards said the company has found its niche, with equipment installed in power plants in 30- plus countries on six continents.
Global Power's customers include utilities as well as merchant power producers -- plants that produce electricity for sale, not for their own use. Demand for its equipment in 2000 and early 2001 presented one set of problems, a good kind for a company looking to a May 18, 2001, initial public offering.
Then came California's rolling blackouts, then came the terrorist attacks of Sept. 11, 2001, then came Enron.
"Global Power's greatest challenge in 2001 was finding the proper resources to engineer and manufacture the products that our customers ordered in late 2000 and early 2001," Edwards said in a recent e-mail interview from Singapore. "We were fortunate to find the right people both inside and outside the United States to design and build the equipment that fostered our strong financial performance during 2001.
"Thus far in 2002, the industry we serve and in turn our customers have witnessed abrupt and unexpected changes. Since Enron's implosion, the power generation industry has been turned upside down as debt-laden firms have literally been forced to forego new projects and sell producing assets or projects that are in development."
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