Q2 completed the acquisition of Lufkin's North America Downhole Business.

Q2, oil field equipment company, completed the acquisition of Lufkin's North America Downhole Business, focused on surface production equipment including rod lift products. Financial terms 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. 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,” Brent Baumann, Lufkin Industries CEO.