NEW YORK GE Oil
& Gas, a subsidiary of General Electric Co., has completed
the acquisition of drill equipment manufacturer Lufkin
Industries Inc. for $3.3 billion.
Texas-based company specializes in artificial lift
technologies, which are "essential in increasing well output,
whether its maximizing the potential of a new well or
breathing fresh life into a mature one," Daniel C. Heintzelman,
president and chief executive officer of Houston-based GE Oil
& Gas, said in a statement.
Artificial lift, used
in 94 percent of an estimated 1 million oil-producing wells
around the world, helps bring resources to the surface in
reservoirs with low pressure and improves the efficiency of
naturally flowing wells, the company said.
Ian Milne, most recently president of GE Oil & Gas
pressure control business, has been tapped to lead Lufkin as