Lufkin Industries Acquires Schlumberger Rod Lift Business
KPS Capital Partners affiliate Lufkin Industries acquired Schlumberger’s North American land rod lift unit, for an undisclosed sum.
Schlumberger’s rod lift business includes brands such as Don-Nan, Shores Lift Solutions, KBA Engineering, Platinum Pumpjack Services, and RLC Rod Lift Consulting. The products include downhole pumps and accessories, beam pumping units, sucker rods, gas lift products, and its proprietary PumpTrak software.
The divestment is the latest change the company is making as it adapts to challenges for the energy industry brought on by the economic downturn. Following salary reductions and job cuts in April, the oilfield services company said it would restructure its business units.
In September, it made a deal for its OneStim fracturing services operations with Liberty Oilfield Services in exchange for 37% of Liberty’s stock.
In addition to providing rod lift products and technologies, Lufkin manufacturers surface pumping units, downhole sucker rod pumps, and automation systems in six manufacturing and assembly facilities worldwide.
KPS acquired Lufkin from Baker Hughes in June.
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