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Monday November 9, 1998 9:00 am Eastern Time Company Press ReleaseLufkin Industries, Inc. Completes $7.5 Million AcquisitionLUFKIN, Texas--(BUSINESS WIRE)--Nov. 9, 1998--Lufkin Industries, Inc. (Nasdaq/NM:LUFK - news) today announced that it has acquired the French company COMELOR located in Fougerolles, France, for $7.5 million in cash and stock. COMELOR manufactures industrial gears used in many industrial applications including those in the steel, material handling, power generation and petro-chemical industries. COMELOR had sales of approximately $14 million for its most recent fiscal year ended March 31, 1998. "This acquisition furthers our commitment to expanding the international presence of Lufkin's Power Transmission business," said Douglas V. Smith, president and chief executive officer for Lufkin Industries. "COMELOR provides an excellent platform to better support customers in Europe, the Middle East and Asia. The acquisition is expected to be accretive to our earnings and provides Lufkin with an entry into several complementary markets which we are not currently serving. We intend to use the acquisition to leverage these new opportunities and capitalize on the growth potential they provide," concluded Smith. Lufkin Industries, Inc. is one of the world's leading producers of oilfield pumping units, power transmission products, foundry castings, and truck trailers. Contact: Lufkin Industries Inc., Lufkin |