Lufkin Industries of Texas, a specialised provider of equipmentand services for the oil and gas industry, says it is set to buildthe biggest plant in its over 100-year history in Ariceşti localityof Ploieşti, in the wake of 126m-dollar investments.
"We're investors going against the tide. We build when marketsare silent, when there's quiet. It's more difficult to focus on newinvestments when demand is very high. You must anticipate thecycles. At the same time, building during the crisis is cheaper,"says Jay Glick, CEO and chairman of Lufkin, a group that may reach600m this year with around 3,000 employees worldwide.
Glick says that the oil equipment plant in Ploieşti, worth 126mdollars of which 28m euros come as aid from the part of theRomanian state, is the biggest investment operated in one go in aforeign country, with investments being carried out gradually inthe other cases.
The plant will be built on a 33-ha plot bought in Ploieşti WestPark industrial park, developed by Belgium's Alinso group andbusinessman Petrică Uşurelu, the owner of Piritex group.
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