Lufkin Industries Announces Acquisition of International Lift Systems
March 02 2009 - 9:00AM
PR Newswire (US)
LUFKIN, Texas, March 2 /PRNewswire-FirstCall/ -- Lufkin Industries,
Inc. (NASDAQ:LUFK) today announced that it has acquired
International Lift Systems, LLC (ILS). ILS, based in Houston,
Texas, is a manufacturer of artificial lift systems serving oil and
gas companies. ILS designs, engineers, manufactures, installs and
services gas lift systems, plunger lift systems and completion
equipment. "We believe the acquisition of ILS will be a strong
strategic fit with our industry-leading beam lift pumping business,
and we look forward to working with their seasoned management
team," said John F. "Jay" Glick, president and chief executive
officer of Lufkin. "This acquisition is consistent with our
long-term growth strategy of integrating strategic assets to
leverage our position of industry leadership. ILS has a solid
reputation for high-quality products, customer responsiveness and
long-standing relationships with major independent and super-major
integrated companies. They provide an entry for Lufkin into the
offshore market for artificial lift wells, including deepwater
plays, and they expand our reach in the artificial lift market. We
anticipate this will result in a very complementary transaction,"
Glick added. In addition to its manufacturing operations in
Houston, ILS serves its customers through 14 sales and service
centers throughout its geographic markets that include Texas,
Oklahoma, Louisiana, Colorado and New Mexico. Lufkin Industries,
Inc. sells and services oilfield pumping units, foundry castings
and power transmission products throughout the world. The Company
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. Contact: Christopher
L. Boone Chief Financial Officer 936-631-2749 DRG&E: Jack
Lascar / 713-529-6600 Anne Pearson / 210-408-6321 DATASOURCE:
Lufkin Industries, Inc. CONTACT: Christopher L. Boone, Chief
Financial Officer of Lufkin Industries, Inc., +1-936-631-2749; Jack
Lascar, +1-713-529-6600, or Anne Pearson, +1-210-408-6321, both of
DRG&E for Lufkin Industries, Inc.
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