Lufkin plans USD 126 mln plant in Ploiesti

US provider of oil & gas equipment and services Lufkin Industries 2011 a plant in Ploiesti, under an investment estimated at USD 126 million. The plant will produce equipment for the oil fields and energy transport divisions. The facility will be built on a 33 hectares area, and will initially open up 300 jobs. The American company will receive from the Finance Ministry development incentives and financial assistance worth EUR 28 million, which represents approximately 30 percent of the cost of the facility. “The Romanian operation […] will improve our position in emerging markets in the Eastern hemisphere. The Romanian business will serve as a strategic hub targeting the European market, and which will facilitate exports to Russia, Central Asia, North Africa, Middle East and East Asia. [It] gives Lufkin access to local sources of raw materials,” said Jay Glick, general manager of Lufkin Industries.