Lufkin Industries Signs New Three-Year Labor Contract

Lufkin Industries (NASDAQ: LUFK) today announced that it has reached a new labor agreement with the three unions representing the hourly work force at its Lufkin, Texas manufacturing facilities. The new three-year agreement expires in October 2014.

John F. "Jay" Glick, President and Chief Executive Officer of Lufkin, stated, "We're pleased with the outcome of these negotiations. Our focus was on ensuring competitive wages and benefits while also protecting Lufkin's ability to compete successfully in the global markets we serve. The agreement was reached through a collaborative effort and is a major step in securing a brighter future for our employees, the community and the Company."