Work Stoppage |
| Monday October 7, 4:05 pm Eastern Time Company Press Release Lufkin Industries Reports Work Stoppage at its Lufkin, Texas, FacilitiesLUFKIN, Texas, October 7 -- Lufkin Industries, Inc. (Nasdaq: LUFK) today reported that union members at its Lufkin, Texas, facilities voted to go on strike beginning at 12:00 a.m. this morning. This vote was in response to unresolved health care expense issues that, despite intensive, good-faith negotiations, have prevented the successful renegotiation of the Company's three-year contract with the unions. The unions involved (International Associated Machinists; the Glass, Molders and Potters Union; and the Brotherhood of Boilermakers) represent approximately one-half of Lufkin's total workforce. Douglas V. Smith, president and chief executive officer, remarked, "We have had excellent working relationships with all employees, and we are committed to maintaining those relationships. We will continue to work with all parties to resume normal production operations." Lufkin Industries, Inc. sells oil field pumping units, power transmission products, foundry castings, and highway trailers throughout the world. The Company has vertically integrated all vital technologies required to design, manufacture, and market its products. Contact: Lufkin Industries Inc.,
Lufkin |