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GE inks $3.3B deal to buy Texas industrial gear maker Lufkin

Keywords: Tags  General Electric, Lufkin Industries, acquisition, gears, bearings, oilfield services, Daniel Heintzelman

CHICAGO — General Electric Co. will pay about $3.3 billion to acquire Lufkin Industries Inc., a Lufkin, Texas-based manufacturer of industrial gears and a provider of artificial lift technologies for the oil and gas industry, the companies said April 8.

The deal is expected to close in the second half of this year.

"In turbomachinery, Lufkin is already one of our suppliers for turbo gearing and specialty bearings products, and this acquisition allows us to further utilize their technologies and expertise for our customers," Daniel C. Heintzelman, president and chief executive officer of the GE Oil & Gas subsidiary of Fairfield, Conn.-based GE Energy, said in a statement. In addition, the artificial lift segment "is at the heart of critical changes that are helping producers maximize well potential."

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