||This article may require cleanup to meet Wikipedia's quality standards. The specific problem is: Reads like an advertisement. (September 2012)|
|Traded as||NASDAQ: LUFK|
|Industry||Oil and Gas Equipment|
|Headquarters||Lufkin, Texas, U.S.|
|Key people||John (Jay) F. Glick
(President & CEO)
Lufkin Industries is a manufacturing company based in Lufkin, Texas and one of the largest employers in the city. Founded in 1902, it produces machinery such as power transmission gear boxes, oilfield pumping units and oilfield electrical equipment. It previously manufactured trailers for tractor-trailers but exited that business in 2008.
Founded in 1902, Lufkin Industries Inc. is a vertically integrated company that designs, engineers, manufactures, sells, installs and services high-quality and high-value-added oil field equipment and power transmission products across the globe.
Besides designing, manufacturing and marketing the industry standard conventional, Mark II and other rod lift pumping units that are used to lift oil from wells, the Oilfield Division provides pumping unit services (used unit refurbishment and sale, installation, field service, repair, and parts) and well automation products and services, through Lufkin Automation, (pump-off controllers, dynamometers, fluid level analysis, consulting, and training) that lower the costs of producing oil. Additionally, the company operates a gray and ductile iron foundry producing up to 300 tons per day of captive and commercial castings for the heavy equipment, valve and machine tool markets. This division's VP is Mark Crews.
The Power Transmission Division makes precision-made gears in weights from 300 pounds to 250 tons and in power levels from 20 to 85,000 horsepower. These highly engineered products are used in industrial applications in a variety of industries, such as oil and gas, petrochemical, steel, plastics, sugar, rubber, marine and power generation. From its unique gear repair operations, Lufkin repairs virtually any manufacturer's gears and provides 24-hour emergency service to ensure minimum downtime in a customer's operations. This division's VP is Bud Hay.
Lufkin operates oilfield service centers and gear repair facilities all across the globe. They also operate a power transmission and gear repair plant in Fougerolles, France. They are currently constructing a new oilfield plant in Romania.
On July 18, 2001, Lufkin Industries, Inc. restated prior year periods financial statements to reflect the reclassification of freight charges billed to customers as revenue and the related expenses as cost of sales.
In 2008, Lufkin acquired RMT in Wellsville, New York. RMT designs and manufactures various engineered bearings in addition to offering turbo analysis services and repair services. International Lift Systems in Houston, Texas was also acquired in 2008, adding to the company's oilfield product catalog. International Lift Systems (ILS) specializes in Gas Lift, Completion Products and Plunger Lift systems for the Domestic and International Oil and Gas Industry.
In 2011, Lufkin acquired Petro Hydraulic Lift Systems (PHL) in Lafayette, Louisiana, Pentagon Optimization Service in Red Deer, Alberta, and Quinn Oilfield Supply Ltd. also of Red Deer, Alberta.
In 2013, Lufkin was acquired by General Electric for $2.98 billion, as part of GE's expanding Oil & Gas division, especially in the fast-expanding market to extract oil and natural gas from shale rock.