Thu, May 17, 2012 15:33
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Lufkin Industries Completes Acquisition of Quinn's Oilfield Supply and Affiliates

 Texas Business reports:  LUFKIN—Lufkin Industries Inc. completed the acquisition of substantially all of the assets of Quinn's Oilfield Supply Ltd., including certain affiliates for $311 million in cash after closing adjustments.

Quinn's, based in Red Deer, Alberta, Canada, is one of the largest reciprocating rod pump manufacturers in North America and also manufactures and distributes progressive cavity pumps and related equipment.

To finance the transaction, Lufkin also announced that it has completed a $350 million term loan and expanded its revolving credit facility to $175 million, which was undrawn at the time of the Quinn's closing.

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.