Lufkin Industries LLC acquired the rod-lift business of Schlumberger Ltd. on Nov. 2, expanding its platform after recently becoming an independent company with backing from KPS Capital Partners LP.

Schlumberger’s rod-lift business is a large provider of rod-lift products and services for onshore producers across North America. The divestiture of the rod-lift unit follows several other asset sales made so far this year by Schlumberger as the oilfield services giant works to restructure itself into a leaner customer-aligned structure. The deal also follows the posting of the top oilfield services provider’s third straight quarterly loss on Oct. 16.

Earlier this year, Lufkin was resurrected as a freestanding company after Baker Hughes Co. sold its rod-lift solutions business, which it had inherited from the fallout of its General Electric Co. (GE) merger.

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