Lufkin Industries wants EUR 30 mln a year from Ploiesti factory, turns it into regional hub

Texas – based oil equipment producer Lufkin Industries, which has started working on its factory in Ploiesti, expects a EUR 30 million turnover in the first year of activity in Romania. It plans to grow the yearly turnover to around USD 70 million after two or three years of activity. The company plans to open the factory near Ploiesti in 2012. It will invest EUR 93.3 million in the production facility and will get EUR 28.1 million state aid for the project. The factory, which will be located on a 33-hectare plot in Ploiesti West Park, will produce equipments for the oil industry, as well as include a repairing unit for equipments in the oil industry. The factory will become the company's headquarters for its activities in the Eastern hemisphere, North Africa and the Middle East and 85 percent of the raw materials will be bought from Romania, said Jay Glick, president of Lufkin Industries, who attended a press conference in Bucharest. Romania-insider.com