Lufkin Industries Celebrates Official Opening Of Romania Facility
LUFKIN, Texas, June 19, 2013
LUFKIN, Texas, June 19, 2013 /PRNewswire/ -- Lufkin Industries, Inc. announced
today the official opening of its new manufacturing facility near Ploiesti,
Romania, north of the capital, Bucharest.
The new facility includes a state of the art manufacturing plant as well as a
modern aftermarket and re-manufacturing facility. It is currently staffed with
260 skilled local personnel, and is expected to reach 350 employees by year
end. The facility's primary purpose is to manufacture Lufkin's Beam Pumping
Units, with the ability to produce over 1,100 units per year. In addition, the
facility will service and support the sale of all Lufkin products in the
Eastern Hemisphere. Approximately 90% of the production at this facility is
expected to be for export to end markets in more than 20 countries.
Jay Glick, CEO and President, stated, "This is a landmark day for Lufkin. This
new facility is a critical step in our strategy to expand our geographic reach
to better serve our global customers. We anticipate that the Romanian
operation will serve as a strategic hub for our Eastern Hemisphere markets.
This facility should allow us to secure new customers and take advantage of
the increasing use of artificial lift for oil and gas wells.
"I'd like to thank the people of Romania and the Romanian Government for
welcoming Lufkin into their country and for providing meaningful support in
making this facility a reality. We look forward to a long-term partnership in
which Lufkin could potentially employ hundreds of Romanian citizens and
benefit from the country's vast natural resources and emerging position as a
regional energy hub."
This facility was built on an 82 acre site with an estimated cost of US$140
million. The Government of Romania, through the Ministry of Public Finance,
provided Lufkin with economic development incentives and financial assistance
of 28 million Euros towards the construction costs.
Lufkin Industries, Inc. sells and services oilfield pumping units, well
automation systems, gas lift and plunger lift systems, progressive 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are
subject to risks and uncertainties and are based on the beliefs and
assumptions of our management, based on information currently available to our
management. Forward-looking statements can be identified by the use of the
future tense or other forward-looking words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "should," "may," "objective,"
"projection," "forecast," "management believes," "continue," "strategy,"
"position" or the negative of those terms or other variations of them or by
comparable terminology. In particular, statements, express or implied,
regarding our anticipated use of the Romanian operations and the expected
benefits thereof are forward-looking statements.
Although we believe that these estimates and forward-looking statements are
based on reasonable assumptions, they are subject to risks and uncertainties
and are made in light of information currently available to us. Many factors
may cause actual results to differ from those projected in our forward-looking
statements, including a change in our over-arching business strategy or,
assuming the closing of the previously announced merger with General Electric
Company ("GE") occurs, GE's business strategy.
Contact: Christopher L. Boone
Lufkin Industries Inc.,
Chief Financial Officer
Nicola Porter Novelli
Dennard- Lascar Associates
Jack Lascar / T. +1-713-529-6600
Anne Pearson / T. +1- 210-408-6321
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