Lufkin Industries, Inc. Completes Acquisition of Lone Star Machine Shop
Business Wire - May 04, 1998 11:28
LUFKIN, Texas--(BUSINESS WIRE)--May 4, 1998--Lufkin Industries, Inc. (Nasdaq/NM:LUFK) today announced that it has completed the acquisition of the assets of Lone Star Machine Shop, Inc. of Denver City, Texas. Lone Star Machine Shop provides a variety of oil field services including the manufacturing of parts for pumping units. The company had revenues of approximately $3 million in 1997. The purchase price is approximately $3.0 million in cash. Other terms of the transaction were not announced.
Commenting on the announcement, Douglas V. Smith, president and chief executive officer, said, "The acquisition of Lone Star Machine Shop expands Lufkin's capability to provide local manufacturing and to deliver on-site installation and necessary technical support to the oil field industry. We believe Lone Star Machine Shop provides unique opportunities to extend the role of Lufkin in serving the oil and gas industries. The acquisition furthers Lufkin's long-term strategy to increase its market share of oil field products business."
Lufkin Industries, Inc. sells power transmission products, oil field pumping units, foundry castings and highway trailers throughout the world. The Company has vertically integrated all vital ologies required to design, manufacture and market its products.
CONTACT: Lufkin Industries Inc., Lufkin
C. James Haley, Jr., 409/637-5555 |
