This transaction aligns with Lufkin’s strategic focus on its core surface business and Q2’s focus on its subsurface business.
“This transition allows us to focus on Lufkin’s core strengths of Software, Automation, Surface Equipment and comprehensive service to our domestic and international customers, areas where Lufkin has for over 120 years been an industry leader,” said Brent Baumann, CEO of Lufkin Industries. “We are confident that Q2 will be an excellent steward of the NAM Downhole business and great partner to the customers and employees transitioning as part of this sale.”
Under the terms of the agreement, both downhole pump and rods assets team members and related customer relationships within North America will transition to Q2.
Doug Quinn, CEO/president of Q2 ALS, said: “We are extremely excited about this acquisition as it immediately strengthens our artificial lift products and services and expands our employee roster with highly skilled technical depth. Additionally, with the acquisition of US Rod, we will expand our ability to provide a complete downhole system for our customer base. We have built a strong presence in the market, and this acquisition further demonstrates our continued commitment to the downhole artificial lift community across all of North America.”
