EX-99.1
3
exh99_1.htm
EXHIBIT 99.1
exh99_1.htm
NEWS
RELEASE
Contact:
Christopher
L. Boone
Chief
Financial Officer
(936)
631-2749
FOR
IMMEDIATE RELEASE
DRG&E
Jack
Lascar / 713-529-6600
Anne
Pearson / 210-408-6321
LUFKIN
INDUSTRIES ANNOUNCES ACQUISITION
OF
INTERNATIONAL LIFT SYSTEMS
LUFKIN, Texas,
March 2, 2009 -
Lufkin Industries, Inc. (NASDAQ: LUFK) today announced that it has acquired
International Lift Systems, LLC (ILS). ILS, based in Houston, Texas, is a
manufacturer of artificial lift systems serving oil and gas companies. ILS
designs, engineers, manufactures, installs and services gas lift systems,
plunger lift systems and completion equipment.
"We believe the acquisition of ILS will
be a strong strategic fit with our industry-leading beam lift pumping business,
and we look forward to working with their seasoned management team", 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. ILS
has a solid reputation for high-quality products, customer responsiveness and
long-standing relationships with major independent and super-major integrated
companies. They provide an entry for Lufkin into the offshore market for
artificial lift wells, including deepwater plays, and they expand our reach in
the artificial lift market. We anticipate this will result in a very
complementary transaction", Glick added.
In
addition to its manufacturing operations in Houston, ILS serves its customers
through 14 sales and service centers throughout its geographic markets that
include Texas, Oklahoma, Louisiana, Colorado and New Mexico.
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.

EX - 99 . 1 3 exh99 _ 1 . htm EXHIBIT 99 . 1 exh99 _ 1 . htm NEWS RELEASE Contact : Christopher L . Boone Chief Financial Officer ( 936 ) 631 - 2749 FOR IMMEDIATE RELEASE DRG & E Jack Lascar / 713 - 529 - 6600 Anne Pearson / 210 - 408 - 6321 LUFKIN INDUSTRIES ANNOUNCES ACQUISITION OF INTERNATIONAL LIFT SYSTEMS LUFKIN , Texas , March 2 , 2009 - Lufkin Industries , Inc . ( NASDAQ : LUFK ) today announced that it has acquired International Lift Systems , LLC ( ILS ) . ILS , based in Houston , Texas , is a manufacturer of artificial lift systems serving oil and gas companies . ILS designs , engineers , manufactures , installs and services gas lift systems , plunger lift systems and completion equipment . " We believe the acquisition of ILS will be a strong strategic fit with our industry - leading beam lift pumping business , and we look forward to working with their seasoned management team " , 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 . ILS has a solid reputation for high - quality products , customer responsiveness and long - standing relationships with major independent and super - major integrated companies . They provide an entry for Lufkin into the offshore market for artificial lift wells , including deepwater plays , and they expand our reach in the artificial lift market . We anticipate this will result in a very complementary transaction " , Glick added . In addition to its manufacturing operations in Houston , ILS serves its customers through 14 sales and service centers throughout its geographic markets that include Texas , Oklahoma , Louisiana , Colorado and New Mexico . 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 .