BUSINESS

Lufkin Industries to invest USD 126 M in factory near Ploiesti

US company Lufkin Industries, one of the world’s largest suppliers of equipment and services for the oil industry, yesterday unveiled a plan to invest USD 126 M for the construction of a new plant in Prahova County, Romania. The facility, located near the town of Ploiesti, will manufacture equipment for the oil industry, to be sold on Romanian and foreign markets. The factory is expected to become operational two years from now and to generate some 320 new jobs. During yesterday’s press conference, Lufkin President and CEO Jay Glick said that 80 pc of the equipment produced near Ploiesti are to be exported to markets in Asia and the Middle East. Lufkin chose Romania because of the country’s long expertise in the oil and gas industry. (M.A.)

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