Nov 2 (Reuters) - Lufkin Industries said on Monday it had
acquired oilfield services giant Schlumberger's North
American unit that helps boost production from wells using
so-called rod lift gear.
The company did not provide a deal value.
Schlumberger had put the rod lift business on sale, even
before the industry was hit by an unprecedented decline in
demand and prices due to the COVID-19 pandemic.
Schlumberger has been retrenching, pulling out of businesses
and cutting thousands of employees to halt losses, and most
recently agreed to sell its North American shale fracking
business to rival Liberty Oilfield Services.
Reuters reported earlier this year that Schlumberger, along
with rivals Halliburton Co and Baker Hughes had
put units up for sale, as the three largest names in oilfield
services sought to reshape their businesses and adjust to
(Reporting by Arundhati Sarkar in Bengaluru; Editing by