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Lufkin Buys Turbo Equipment Manufacturer

July 6, 2009
RMT purchase is part of an effort to de-emphasize exposure to fossil fuels sector
Lufkin Industries Inc. has acquired Rotating Machinery Technology Inc., Wellsville, NY, for an undisclosed price. Rotating Machinery designs and produces precision, custom-engineered tilting-pad bearings and related components for high-speed turbo equipment. The purchase follows an announcement in June that Texas-based Lufkin will expand its holdings into the wind-energy business, and de-emphasize its positions in the fossil fuels sector. The company is investing in a new facility for repairing windmill gearboxes. Lufkin Industries manufactures and services oilfield pumping units, foundry castings, and power transmission products throughout the world. In addition to its manufactured products, RMT services and repairs turbo-expander process units for air and gas separation, on-site and at its facility in Wellsville. "We believe the acquisition of RMT will be a strong strategic fit with our Power Transmission division, and we look forward to working with their highly respected and experienced management team,” stated John F. "Jay" Glick, president and chief executive officer of Lufkin. Glick added that founder and CEO Dr. John Nicholas will continue in a leadership role as the general manager of RMT. Nicholas is described as an authority in the fields of bearing design and rotor dynamics analysis. "This acquisition is consistent with our long-term growth strategy of integrating strategic assets to leverage our position of industry leadership,” Glick said. “RMT has a global reputation for delivering high-quality, innovative and precision products and services to customers throughout the world. Already a key supplier to Lufkin Industries, RMT will provide the opportunity to increase the value-add engineering capabilities and after-market support that Lufkin Industries offers to its customers.”