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GE Oil & Gas completes $3.3B Lufkin buy

Keywords: Tags  Lufkin Industries, GE Oil & Gas, artificial lift, drill equipment, Thorsten Schier

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.

The Lufkin, Texas-based company specializes in artificial lift technologies, which are "essential in increasing well output, whether it’s 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 president.

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