This facility is being built on an 82 acre site with an estimated cost of $126m and is expected to be completed in 2012. The Government of Romania, through the Ministry of Public Finance, has agreed to provide Lufkin with economic development incentives and financial assistance of EUR28m towards the construction costs, or approximately 30% of the plant cost, the company said.
Jay Glick, CEO and president of Lufkin, said: “The new operation in Romania is a critical step in our strategy to expand our geographic reach to better serve our global customers. This will enhance our competitive position in the growing markets of the Eastern Hemisphere.
“Using Lufkin’s proven regional manufacturing strategy, the Romanian operation will serve as a strategic hub to serve the European market as well as acting as the focus for exports to Russia, Central Asia, North Africa, the Middle East and markets in East Asia.”
