Lufkin Collects Quinn’s Oilfield Supply

Bought reciprocating rod pump manufacturer operating in North America.

Lufkin Industries Inc., Lufkin, Texas, (Nasdaq: LUFK) has completed its acquisition of substantially all of the assets of Red Deer, Alberta-based Quinn's Oilfield Supply Ltd., including certain affiliates, for C$311 million in cash.

Quinn manufactures reciprocating rod pumps in North America and also manufactures and distributes progressive cavity pumps and related equipment.

Lufkin has completed a C$350-million term loan and expanded its revolving credit facility to $175 million.

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.