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Lufkin Industries stock drops below $35 a share
After a year of good economic health, Lufkin Industries stock finished at a second consecutive new low Tuesday. Prices fell during the first half hour of Tuesday session and then fell further the bulk of the afternoon, closing lower by $4.30 at $32.73 on above average volume, realtimetraders.com reported. As of 9:30 a.m. Wednesday, the stock rebounded by nearly 4.30 percent, to $34.13. Market experts attribute the falling number to declining oil barrel prices. A Lufkin Industries spokesman did not immediately return a message seeking comment Wednesday morning. It was not clear what lower oil prices could mean for the company in 2009. Lufkin’s board earlier announced a regular quarterly dividend of 25 cents per share payable Wednesday to shareholders of record as of Dec. 1. Forbes.com listed Lufkin stock among its five “Nasdaq stars” on Dec. 2, as a standout for those looking to add growth stock to their portfolios. Forbes said it expected Lufkin to increase earnings at an annualized clip of 10 percent or better over the next few years. Founded in 1902, the company designs and makes oil field equipment and power transmission products worldwide. — Ashley Cook, acook@coxnews.com
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Bankruptcy court OKs Pilgrim’s Pride plan
Pilgrim’s Pride has just issued this press release:
Pilgrim’s Pride Corporation, together with certain of its wholly owned subsidiaries (collectively, the “Company”), today announced the approval of “first day” motions by the United States Bankruptcy Court for the Northern District of Texas (the “Court”). The Company received interim approval to access $365 million of its $450 million debtor-in-possession financing facility arranged by Bank of Montreal as lead agent (the “DIP financing”). The DIP financing, combined with cash generated from ongoing operations, will allow the Company to satisfy its customary business obligations, including the timely payment of employee wages and payments to vendors. The final DIP hearing is scheduled for December 17, 2008. The Company also announced that it received Court approval to, among other things, pay pre-petition employee wages, health benefits, and other employee obligations during its restructuring under Chapter 11. Additionally, the Company is authorized to continue to honor all of its current customer policies without interruption, including marketing development, rebate and prepayment programs, coupon programs, product replacement and customer refunds.
You can find the entire press release by clicking here.
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Lufkin Industries, Temple-Inland weather the storm
Lufkin Industries is back up and running after Hurricane Ike, minus a few employees who are still trying to recover from the damage done to their homes. “The power was turned on to our Buck Creek plant (Tuesday night), and we are operating this morning. All of our Lufkin manufacturing operations are now operating,” Paul Perez, vice president of Lufkin Industries, said Wednesday morning. “We have some issues with individual employees who have hardships they’re working through, but we’re hoping that, as soon as power is restored to the rest of the community, everyone will be available to come back to work.” Temple-Inland expects that all of its facilities will resume operations within the next few days, once power is restored to all of them. Each of the affected building products facilities is expected to experience about two days of lost production, according to the company. “We were pleased that no employees were injured due to the hurricane and that the facilities did not sustain any damage,” Doyle R. Simons, chairman and CEO of Temple-Inland, said in a news release. “Our employees did an outstanding job preparing for this storm and are working diligently to resume normal production at our facilities. Temple-Inland is deeply concerned for the communities where we operate, as damage was widespread in the East Texas area, especially Orange, Texas. We are committed to helping employees and the community recover from Hurricane Ike.” Full story here.
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What local workers make, on average
Angelina County’s 36,677 workers had an average weekly wage of $658.88, or $34,261 a year, in the first quarter of 2008, according to labor market information released this month. Workers in Nacogdoches County earned an average of $566.86 a week, or $29,476 a year, in the first quarter, according to the Texas Quarterly Census of Employment & Wages data prepared by the Texas Workforce Commission’s Labor Market & Career Information Department. Here’s the breakdown of how many Angelina County residents work in each industry: Natural resources and mining — 521; Construction — 1,591; Manufacturing — 5,650; Trade, transportation, utilities — 6,540; Information — 494; Financial activities — 1,295; Professional business services — 3,019; Education, health services — 6,934; Leisure, hospitality — 3,001 Other services — 736; Unclassified — 7; Federal employees — 383; State employees — 1,576; Local government employees — 4,928.
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Plum Creek, The Campbell Group form joint venture
Here’s an excerpt from a Wednesday press release about a business move that involves The Campbell Group, which has become heavily involved in East Texas timber:
Plum Creek Timber Company, Inc. (NYSE: PCL) today announced it will form a joint venture with The Campbell Group LLC (Campbell Group) that will allow Plum Creek to capture the value of approximately 454,000 acres of investment grade Southern timberlands. The transaction values these timberlands at $783 million, or approximately $1,725 per acre. Plum Creek will contribute the timberlands to the joint venture and an investment fund sponsored by Campbell Group will contribute $783 million in cash. Campbell Group, a timber investment management organization based in Portland, Ore., will manage the joint venture lands for continued timber production. The timberlands are located in six states including Oklahoma, Arkansas, Mississippi, North Carolina, South Carolina and Georgia.
You can find the whole press release here.
Latest comments
Hello! Very Interesting post! Thank you for such interesting resource! PS: Sorry for my bad english, I’v just started to learn this language ;) See you! Your, Raiul Baztepo
... read the full comment by RaiulBaztepo | Comment on Lufkin Industries stock drops below $35 a share Read Lufkin Industries stock drops below $35 a share
I understand Tadd. I was raised in lufkin but could not make it on their pay scale unless i went husband shopping. so i moved to houston for 10 years and immediately made office manager and then i got a career with the state. since i am getting close to
... read the full comment by jill | Comment on Lufkin Industries stock drops below $35 a share Read Lufkin Industries stock drops below $35 a share
I believe anybody who wants to better themselves and get an education should, especially if they want more pay and benefits, but the real problem is Lufkin and the surrounding area has very very few job options. It doesn’t cost a lot less to live
... read the full comment by tadd price | Comment on Lufkin Industries stock drops below $35 a share Read Lufkin Industries stock drops below $35 a share
ken, your comment about this being a post manufacturing society. just why do you think that is, i’ll tell you why.because these same company heads that continue to out source our jobs to third world countries to fatten up a bottom line so that
... read the full comment by nobody | Comment on Lufkin Industries stock drops below $35 a share Read Lufkin Industries stock drops below $35 a share