Executives from the Oklahoma Department of Commerce visited Precision Metal Fab, LLC a CADREX Company, a recipient of the 2022 Oklahoma Innovation Expansion Program (OIEP) to learn more about the company’s operations and discuss how the company is utilizing OIEP funding. Precision Metal Fab was among more than 120 projects awarded funding through the program from the 2022 application period. The company was awarded $55,000 which will support new capabilities through the purchase of improved technology, extending manufacturing and allowing them to pursue new projects.
“I am very proud of the Oklahoma Innovation Expansion Program and how it supports Oklahoma companies,” said Brent Kisling, Executive Director, Oklahoma Department of Commerce. “With the funding, companies are diversifying their operations and growing, creating more jobs and investment in our state and offering an incredible ROI on the state’s investment.”
“We are thankful for the assistance provided by the Oklahoma Innovation Expansion Program” said Greg Neisen, President of Precision Metal Fab. “This program will enable us to stay at the forefront of technology, thus bringing increased opportunities to our business unit and the State of Oklahoma.”
“It is a privilege to work with many great Oklahoma companies through OIEP,” said Michael Davis, President and CEO of Oklahoma Finance Authorities. “And even more rewarding to have the opportunity to visit with them and see firsthand how they are utilizing the awarded funds to increase capabilities, address supply chain bottlenecks, diversify revenue streams and grow their workforce.”
“This company is a great example of an innovative Ponca City manufacturing company that is pivoting to succeed in the post-pandemic economy,” said David Myers, Executive Director of the Ponca City Development Authority. “We are so thankful for what the Oklahoma Department of Commerce and the Oklahoma Finance Authority have done in developing the OIEP to provide a real catalyst for industrial diversification.”
Precision Metal Fab services industries such as HVAC, construction, appliance, cogeneration, petroleum and agriculture. Specializing in custom tooling for manufacturing parts and manufacturing custom parts to company specifications, including metal stamping, welding, metal fabricated parts, precision machine parts, tool and die, design and build, and laser cutting. For more than 40 years, the company has served major manufacturers in the region, providing on-site complementary services often required for today’s tooling and fabrication jobs.
OIEP utilizes funds set aside by the Oklahoma Economic Development Pooled Finance Act (62 OS 891.1 et seq). Participating businesses are required to provide quarterly reports verifying employment levels and expenditures, as well as submit verification of purchase and installation of machinery and equipment. The full list of OIEP recipients can be found on the Commerce website at www.okcommerce.gov/OIEP.