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:
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Christopher L. Boone
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Chief
Financial Officer
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936-631-2749
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DRG&L
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Jack
Lascar / 713-529-6600
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Anne
Pearson / 210-408-6321
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SOURCE Lufkin Industries, Inc.