Lufkin Industries has announced the sale of its North America Downhole (NAM Downhole) business to Q2 Artificial Lift Services, a leading provider of downhole reciprocating pumps.
This transaction aligns with Lufkin’s strategic focus on its core surface business while complementing Q2’s expertise in subsurface solutions.
“This transition allows us to concentrate on Lufkin’s strengths in software, automation, surface equipment, and comprehensive service—areas where we have led the industry for over 120 years,” said Brent Baumann, CEO of Lufkin Industries. “We are confident that Q2 will be an excellent steward of the NAM Downhole business and a strong partner for its customers and employees.”
Under the terms of the agreement, Q2 will acquire downhole pump and rods assets, along with the associated team members and customer relationships in North America.
Doug Quinn, CEO and president of Q2 ALS, expressed enthusiasm about the acquisition: “This deal significantly enhances our artificial lift products and services while adding highly skilled technical expertise to our team. Additionally, with the acquisition of US Rod, we will strengthen our ability to provide a complete downhole system for our customers. We have built a strong market presence, and this acquisition underscores our commitment to the downhole artificial lift community across North America.”
