George E. Failing Co. (GEFCO), which began in Enid, Okla., in 1931, may be for sale, company officials say.
Harmon, GEFCO president, says that the parent company told the Enid staff before
Christmas it would like to consolidate holdings, and is exploring options with
GEFCO and several other operations. Those options include possibly selling the
also includes STECO, which is a sister company," Harmon says.
that other options may present themselves; however, it is very early in the
process, and the company ultimately may decide to sell.
were just courteous enough to let us know they are exploring options. There is
nothing definite," he notes.
no comment on how it would affect the 150 employees if a sale occurs. He says
that ideally the company would like to find a buyer who comes in and keeps the
company running like it has been, possibly even invest more resources and grow
that is not a guarantee," he says.
company, which manufactures both water well and oil and gas drilling rigs, was
founded by George E. Failing, and has been sold several times during its
history. GEFCO celebrated its 75th anniversary in 2006.
is one of the top water well drilling rig companies in the world, according to
company information, and still manufactures oil rigs for shallow drilling. The
current location has 47 acres available and 7.5 acres under roof. It also does
contract jobs for other companies.
GEFCO Could Go up for Sale
January 28, 2011