Pentagon is a diversified well optimization firm which serves the oil and gas industry and provides products and services including plunger lift systems and well engineering and testing.
Lufkin president and CEO John Glick said the acquisition immediately expands the company’s footprint in Canada, the second largest plunger lift market outside the US.
"It also improves our existing plunger lift product portfolio, and provides entry to the well optimization, engineering and testing services market, which is highly complementary to our automation strategy," Glick said.
According to the company, the acquisition is expected to close in September this year.
Lufkin Industries sells and services oilfield pumping units, well automation systems, gas lift and plunger lift systems, foundry castings and power transmission products worldwide.
