Lufkin Industries, Union Agree to Weeklong Contract Extension

Lufkin Industries, Inc. announced that a majority of its union workers, covering nearly 1,200 employees, did not ratify yesterday the terms of a new three-year contract. The current contract expired on October 5, 2008.

The Company has agreed to remove its proposed change to the rules governing the work schedule, and as a result, the Company and the three unions that represent workers at its manufacturing facilities in Lufkin, Texas have agreed to a one week extension of the current labor contract. Consequently, normal work will continue uninterrupted. The Company and the unions expect the modified contract proposal to be ratified over the next several days.