GE to acquire Lufkin Industries for $3.3 billion

Offshore staff

HOUSTON – GE (NYSE: GE) has agreed to acquire Lufkin Industries Inc., a provider of artificial lift technologies for the oil and gas industry and a manufacturer of industrial gears, for approximately $3.3 billion.

GE says Lufkin will broaden GE Oil & Gas’ artificial lift capabilities beyond electric submersible pumps (ESPs) to include rod lift, gas lift, plunger lift, hydraulic lift, progressive cavity pumps, and an array of well automation and production optimization controls and software.

The transaction is expected to close in the second half of 2013 subject to Lufkin shareholders’ approval, regulatory approvals, and customary closing conditions.

4/8/2013

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