Lufkin leases 1,000 sqm in Bucharest office building to create Romanian hub for Eastern hemisphere

Texas – based oil equipment producer Lufkin Industries, which started work on a EUR 100 mln factory in Ploiesti in 2010, leased some 1,000 sqm in the Platinum Business & Convention Center, an office building in Baneasa, in the north area of Bucharest. Lufkin joins Samsung Electronics, Pfizer and Realitatea Media, which are headquartered in the same building. Lufkin wants to make Romania its new regional hub for the Eastern hemisphere, said Dave Kennedy, general manager with Lufkin for the Eastern hemisphere. Lufkin expected a USD 30 million turnover in the first year of activity in Romania and has plans to increase the yearly turnover to around USD 70 million after two or three years of activity. The factory in Ploiesti was due to open in 2012 and start producing equipment for the oil industry as well as include a repairing unit for oil industry equipment. Around 85 percent of the raw materials will be bought from Romania. editor@romania-insider.com (photo source: Lufkin)