A Publicly Traded, Major Midland Employer and Downtown Tenant has moved its Headquarters and nobody seems to have noticed, for almost a YEAR. At least I can't find any stories in the MRT Archives, nor is there any indication the Economic Development Folks tried to step in and retain those jobs.

So which Company am I talking about, and when did they move?

I'm talking about United Fuel & Energy (previously know as Eddins Walcher), which used to have its headquarters at 405 N. Marienfeld 3rd Floor. From the best I can gather the move of their headquarters took place around the first of September of 2008. I say this because on the Company site an investors news release from August 14, 2008 is datelined Midland, Texas, and an investors news release dated September 17, 2008 is datelined Orange, California.

In the only story I could find in the MRT Archives, Jeff Haas, VP of marketing had this is say in June 2007.

The aforementioned growth not only is moving United toward economies of scale in product purchase, it is pushing them toward being one of the larger area employers. Across its operating area United employs 310 people, with 50 of them in its headquarters building on Marienfeld. Haas said, "Our other goal, in addition to being like Fed-Ex, is to become a premier employer in this area -- a preferred destination. We have lots of opportunities here, lots of new jobs," especially as the company continues acquisitions.

That reads like a Economic Developer's Dream.

However, shortly after that glowing report on company and employee growth, centered in Midland, United Fuel & Energy got a new partner who bought a 52% majority share of the company. In June 2008 he was installed as CEO, and in today's June 1, 2009 edition of the Orange County Business Journal, (which tipped me to this story) the new owner had this to say:

Since making the move, Greinke says he's found a suitable chief financial officer and controller, which he struggled to do in Texas. Greinke, who had been United Fuel's chairman and majority owner, became chief executive in June.

Since moving United Fuel, Greinke's hired about 20 at its headquarters. The company counts about 100 workers locally and about 250 company wide.

Ouch. I guess Midland doesn't grow CFO's anymore.

I highly doubt the MDC could have helped retain United Fuel & Energy, since the new owner is a California Native, with family running parts of the business, so why wouldn't he move the company close to home? I guess the MDC is going to have to modify their Major Midland Employers listing, I doubt they have 100 Midland employees and 175 Permian Basin Employees now.