Lufkin Industries Buys British Oil Tech Firm
Lufkin Industries has completed a merger that will make the company an even bigger worldwide player in oil exploration and production. Lufkin's British subsidiary, Lufkin Industries Holdings UK Limited, has bought Zenith Oilfield Technology Ltd., based in Aberdeen, Scotland.
A Lufkin Industries spokesman says Zenith is a major 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. Zenith serves independent and national oil companies in approximately 30 countries.
Lufkin Industries President and CEO Jay Glick says this is an important acquisition for the company. Glick says Zenith's array of products and services will be a game changer for Lufkin, “as it moves our well management and performance capabilities from the surface to down-hole."
Glick says because roughly 70 percent of Zenith's revenues are from the Middle East and Far East, "...we expect this acquisition to help us gain a foothold in several important international markets we have targeted for entry or expansion for Lufkin's entire artificial lift portfolio.”
Glick says this and other recent acquisitions “give Lufkin a major competitive advantage in being able to offer customers the most comprehensive and technologically advanced automation products and services solutions available today....”
The purchase price for Zenith is approximately $126.6 million dollars.
via Lufkin Industries.
Lufkin Industries is a major manufacturer of oilfield equipment, including 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 pumping units are known worldwide as the "Cadillacs" of the industry.