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Lufkin Industries Completes Acquisition of Zenith Oilfield Technology

 

LUFKIN, Texas, Feb. 29, 2012 /PRNewswire/ -- Lufkin Industries, Inc. (Nasdaq: LUFK) announced today the closing of its previously announced acquisition of Zenith Oilfield Technology Ltd ("Zenith"), for 81.1 million pounds Sterling (US$127.3 million) net of acquired cash after closing adjustments.   Zenith, based in Aberdeen, Scotland, is an international provider of innovative technology and products for the monitoring and analysis of down-hole data and related completion products for the oilfield artificial lift market.

Lufkin Industries, Inc. sells and services oilfield pumping units, well automation systems, gas lift and plunger lift systems, progressing cavity pumps, well completion products, foundry castings and power transmission products throughout the world.  Lufkin has vertically integrated all vital technologies required to design, manufacture and market its products.

Forward Looking Statements

This release contains forward-looking statements and information that are based on management's beliefs as well as assumptions made by and information currently available to management. When used in this release, the words "anticipate,"  "estimate" and "expect" are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to its ability to resume normal operations in a timely fashion and are subject to certain assumptions, risks and uncertainties, many of which are outside the control of the Company. Actual results may vary materially.

LUFK-IR

Contact:

Christopher L. Boone

 

Chief Financial Officer

 

936-631-2749

 

 

DRG&L

 

Jack Lascar / 713-529-6600

 

Anne Pearson / 210-408-6321

SOURCE Lufkin Industries, Inc.

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