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