GE completes acquisition of Lufkin Industries
GE Oil & Gas (NYSE: GE) has completed the acquisition of Lufkin Industries for about $3.3 billion.
HOUSTON– GE Oil & Gas (NYSE: GE) has completed the acquisition of Lufkin Industries for about $3.3 billion.
The move broadens the company’s artificial lift capabilities with solutions for a variety of well types and technology for production automation and optimization in the drilling industry. GE will now have expanded capabilities that include rod lift, gas lift, plunger lift, hydraulic lift, progressive cavity pumps and an array of well controls and software.
Daniel C. Heintzelman, president and CEO of GE Oil & Gas, said: “Artificial lift technologies are essential in increasing well output, whether it’s maximizing the potential of a new well or breathing fresh life into a mature one. With Lufkin’s technologies, highly-skilled employees and automation and optimization solutions, GE can now offer a more complete portfolio that address a wider variety of well types at all stages of the production life cycle.”