16/07/2010 - Salans Advises Lufkin on State Aid Incentives
Thu, 9th September, 2010
PRESS RELEASE
Contact:
Claudia Covaci
Marketing Manager
ccovaci@salans.com
Salans Advises Lufkin on State Aid Incentives
Bucharest, July 15, 2010. Salans (www.salans.com) has advised Lufkin Industries Inc. (NASDAQ: LUFK; www.lufkin.com ), the Texas-based integrated oilfield equipment producer and services provider, on state aid incentives worth 28.1 mil. EUR for developing a greenfield manufacturing plant in Ploiesti, the company's first facility in Eastern Europe. The plant, which will produce and service pumping units for oil extraction, will be constructed as part of a project totalling 126 mil. USD. In addition to serving the Romanian market, Lufkin’s facility will export products to the Eastern Hemisphere, including the Middle East, Central Asia, Russia and Southeast Asia and the Pacific area.
"We are happy to have assisted Lufkin take this important step in Romania, particularly as this is going to be the company's first facility in Eastern Europe. This will send a positive signal to the market and we truly hope the project will trigger other investments in the area", said Christopher Berlew, Managing Partner Salans Bucharest, who oversaw the transaction. "The project means a lot under the current market conditions and, for us as a team it enhances our strong portfolio of greenfield projects and incentives applications."
Paul Perez, Vice President and General Counsel/Secretary of Lufkin added: "We were impressed with Salans’ level of professionalism and responsiveness throughout the entire process; we really felt we had strong support from the entire Salans team.”
Salans' team of advisors included Nicoleta Mihalache, who played a leading role in the transaction, Cosmin Bonea and Amalia Lincaru.
Earlier this year Salans has also advised Lufkin on acquiring a 33-hectare plot for the company's planned manufacturing plant. The real estate team was made up of Laura Tiuca, Managing Counsel and Co-Head of Salans Bucharest's Real Estate team, associate Raluca Radu and counsel Stewart Middleman, and was overseen by Christopher Berlew.
Established in Romania 13 years ago, Salans Bucharest is part of the firm’s global network of 22 offices worldwide. The firm counts 32 lawyers in Bucharest and over 750 worldwide. The firm has built a strong reputation in corporate and M&A, litigation and arbitration, labour, energy and natural resources, real estate, banking and finance, insolvency and financial services.
Founded in 1902, Lufkin Industries Inc. (“Lufkin”) is a vertically integrated company that designs, engineers, manufactures, sells, installs and services high quality and high value-added oil field equipment and power transmission products across the globe. Lufkin operates in over 50 countries and employs more than 2,600 people worldwide. The company is based in Texas, near Lufkin and has an international presence in Egypt, Oman, Australia, Austria, United Kingdom, Turkey, Indonesia, India, Kuwait, Trinidad, Venezuela, Brazil, Russia.
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