Schlumberger Divests Rod Lift Business
This article was first published on Rigzone here
Lufkin Industries reported Monday that it has completed its acquisition of Schlumberger N.V. (NYSE: SLB) unit North American Land Rod Lift Business.
“The real winner in the combination are the customers of Lufkin and Schlumberger’s Rod Lift Business,” remarked Lufkin President Andy Cordova in a written statement emailed to Rigzone. “Our customers will now have access to the many strengths of both businesses as we combine the very best technology, manufacturing and global footprint.”
Lufkin provides rod lift products, technologies and services and manufactures surface pumping units, downhole sucker rod pumps and automation systems, the Missouri City, Texas-based company stated. A former unit of Baker Hughes (NYSE: BKR) that KPS Capital Partners, LP acquired this year, Lufkin pointed out the new Rod Lift Business provides rod lift products and services across all major oil-producing regions in the North American onshore.
According to Lufkin, the former Schlumberger business’ product offering includes downhole pumps and accessories, beam pumping units, sucker rods and gas lift products. It also pointed out the newly acquired firm boasts manufacturing and distribution capacity.
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“We are excited to combine Lufkin and Schlumberger’s Rod Lift Business, which together have an unparalleled reputation for reliability, superior technology, innovation, customer service and global footprint,” commented Michael Psaros, KPS co-founder and co-managing partner. “KPS Partner Ryan Baker, leveraging KPS’ significant capital resources and global platform, is successfully leading a team that is building Lufkin through the acquisition of complementary businesses, technologies and products that serve the upstream sector of the energy business.”
Despite unprecedented energy business volatility, “KPS is committed to expanding the Lufkin platform,” added Psaros.
To contact the author, email mveazey@rigzone.com.
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