Lufkin Industries Announces Acquisition of Rotating Machinery Technology
July 01 2009 - 9:00AM
PR Newswire (US)
LUFKIN, Texas, July 1 /PRNewswire-FirstCall/ -- Lufkin Industries,
Inc. (NASDAQ:LUFK) today announced that it has acquired Rotating
Machinery Technology, Inc. (RMT). RMT, based in Wellsville, New
York, is a recognized leader in the turbo-machinery industry,
specializing in the analysis, design and manufacture of precision,
custom-engineered tilting-pad bearings and related components for
high-speed turbo equipment operating in critical duty applications.
RMT also services, repairs and upgrades turbo-expander process
units for air and gas separation, both on-site with its skilled
field service team and at its repair facility in Wellsville. "We
believe the acquisition of RMT will be a strong strategic fit with
our Power Transmission division, and we look forward to working
with their highly respected and experienced management team. We are
pleased that Dr. John Nicholas, RMT founder and CEO, and a leading
authority in the fields of bearing design and Rotor Dynamics
Analysis, will continue in a leadership role in the company as the
General Manager of RMT," 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. RMT has a global
reputation for delivering high-quality, innovative and precision
products and services to customers throughout the world. Already a
key supplier to Lufkin Industries, RMT will provide the opportunity
to increase the value-add engineering capabilities and after-market
support that Lufkin Industries offers to its customers," Glick
added. 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; or Jack Lascar, +1-713-529-6600, or Anne Pearson,
+1-210-408-6321, both of DRG&E, for Lufkin Industries, Inc. Web
Site: http://www.lufkin.com/
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