Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd

- Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd



Sep 6, 2011

Lufkin Industries (NASDAQ:LUFK) announced it has signed an Asset Purchase Agreement to acquire substantially all of the assets of Quinn's Oilfield Supply Ltd., including certain affiliates, for about $303 million in cash subject to certain adjustments.

John F. Glick, President and Chief Executive Officer of Lufkin, stated, "The acquisition of Quinn's continues our strategy of expanding our product portfolio in artificial lift systems, while at the same time extending our sales and service network in the increasingly active oil provinces of the United States and Western Canada. The integration of Lufkin's surface beam pump unit with Quinn's downhole rod pump will enhance Lufkin's ability to package complementary products and allow us to better optimize the rod lift system to the benefit of our customers. Quinn's is well positioned to benefit from the large increase in unconventional oil plays as oil shale wells generally transition to artificial lift approximately 18 to 24 months after completion. Quinn's downhole rod pumps and PCPs are also a clear fit with our Automation strategy of integrating downhole devices and instrumentation to monitor and control production."

Lufkin Industries has a potential upside of 62.3% based on a current price of $58.83 and an average consensus analyst price target of $95.5.

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Lufkin Names Cestero VP, General Counsel

Lufkin Names Cestero VP, General Counsel

Thursday, May 05, 2011
Lufkin Industries, Inc.

Lufkin Industries, Inc. on Thursday announced that Alejandro "Alex" Cestero has been named Vice President and General Counsel for the Company, effective May 9, 2011. The Company's current General Counsel, Paul Perez, will stay on as Lufkin's Corporate Secretary until his planned retirement later this year.

"I'm very pleased to welcome Alex to the Lufkin management team," said John F. "Jay" Glick, President and Chief Executive Officer. "In addition to his professional background as a General Counsel, Alex also has extensive international finance and operations experience within the oil and gas industry.

"Paul Perez has been a valuable member of the Lufkin team for nearly two decades. I am grateful for his contributions to the Company, and his assistance during the transition will ensure a smooth handover of responsibilities."

Mr. Cestero most recently served as Senior Vice President, General Counsel, Chief Compliance Officer and Secretary for Seahawk Drilling, Inc., a publicly traded offshore oil and gas drilling company. Seahawk Drilling was spun off from Pride International in 2009, where Cestero served in various positions within the general counsel's office since 2002. Prior to Pride International, he was an attorney with Bracewell & Giuliani, L.L.P. and Vinson & Elkins, L.L.P. Cestero has a J.D. from Stanford University and an M.B.A. and B.A. from Rice University.

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.

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