Lufkin to Buy Quinn’s Oilfield Supply Assets

NEW YORK (AP) – Lufkin Industries Inc. said Tuesday it plans to buy substantially all of the assets owned by Quinn’s Oilfield Supply Ltd. for about $303 million in cash. Quinn’s, based in Red Deer, Canada, makes a variety of industrial pumps. It operates two factories and 51 service facilities near North America’s oil and gas fields. Lufkin, an oil service company based in Lufkin, Texas, said the acquisition will expand its services in North America at a time when the industry is aggressively tapping underground shale wells. “The acquisition of Quinn’s will instantly give Lufkin a significantly larger footprint in Canada from which to market and service our other products,” John F. “Jay” Glick, Lufkin president and CEO, said. The deal is expected to close before the end of 2011.