Lufkin Industries Completes Acquisition of Zenith Oilfield Technology

LUFKIN, Texas, Feb. 29, 2012 /PRNewswire/ -- Lufkin Industries, Inc. (Nasdaq: LUFK) announced today the closing of its previously announced acquisition of Zenith Oilfield Technology Ltd ("Zenith"), for 81.1 million pounds Sterling (US$127.3 million) net of acquired cash after closing adjustments.   Zenith, based in Aberdeen, Scotland, is an international 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.

Lufkin Industries, Inc. sells and services oilfield 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 has vertically integrated all vital technologies required to design, manufacture and market its products.

LUFK-IR

SOURCE Lufkin Industries, Inc.

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