Lufkin Industries Announces Sale of North America Downhole business to Q2 Artificial Lift Services
HOUSTON, March 19, 2025 (GLOBE NEWSWIRE) -- Lufkin Industries ('Lufkin'), a global leader in surface production equipment and automation solutions, has announced the sale of its North America Downhole ('NAM Downhole') business to Q2 Artificial Lift Services ('Q2'), a leading provider of downhole reciprocating pumps. This transaction aligns with Lufkin's strategic focus on its core surface business and Q2's focus on subsurface business, positioning both companies for long-term growth and profitability. Terms of the transaction were not disclosed.
'This transition allows us to focus on Lufkin's core strengths of Software, Automation, Surface Equipment and comprehensive service to our domestic and international customers, areas where Lufkin has for over 120 years been an industry leader,' said Brent Baumann, CEO Lufkin Industries. 'By transitioning our NAM Downhole business to Q2, we are ensuring that our customers continue to receive world-class support while allowing Lufkin to invest further in innovation and growth within our core areas. We are confident that Q2 will be an excellent steward of the NAM Downhole business and great partner to the customers and employees transitioning as part of this sale.'
Under the terms of the agreement, both downhole pump and rods assets team members and related customer relationships within North America will transition to Q2, ensuring continuity of service and support. Q2 Artificial Lift Services, known for its commitment to excellence in the sale, service, engineering and manufacturing of downhole reciprocating pumps, will integrate the NAM Downhole business into its portfolio, further strengthening its capabilities and expanding its reach into rods.
Doug Quinn, CEO/President of Q2 ALS, said 'We are extremely excited about this particular acquisition as it immediately strengthens our artificial lift products and services and expands our employee roster with highly skilled technical depth. Additionally, with respect to US Rod, this part of the deal further expands our ability to provide a complete downhole system for our customer base. We have built a very dominant presence in the market, and this acquisition further demonstrates our continued commitment to the downhole artificial lift community across all of North America.'
Both companies are working closely to ensure a seamless transition for all customers, employees and business partners. The sale reinforces Lufkin's commitment to its flagship surface production and automation business while enhancing Q2's position in the downhole market to include rods as well as expanding its downhole pump capabilities.
For more information about Lufkin Industries please visit www.Lufkin.com. For more information on Q2 Artificial Lift Services please visit www.Q2ALS.com.
About Lufkin Industries
Lufkin Industries is a leading provider of surface production equipment, automation solutions, and oilfield services, helping operators optimize efficiency and maximize production. With a legacy of engineering excellence and innovation, Lufkin has been at the forefront of the energy industry for over 120 years, delivering high-quality Beam Pumping Units, advanced automation technologies, and global service solutions. By focusing on its core strengths, Lufkin continues to drive innovation and support the evolving needs of the oil and gas sector. For more information, visit www.Lufkin.com.
locations strategically located across Western Canada and the United States. For more information, visit www.Q2ALS.com.
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