General Electric is nearing the completion of the acquisition of oilfield services provider Lufkin Industries. The move is for GE to be able to further expand its oil and gas business.
The transaction was first reported by the Wall Street Journal citing unidentified sources who spoke on condition of anonymity. The news report did not provide the purchase price figures of the transaction.
The share prices of Lufkin rose by 4% to US$66.50 per share despite lean trading before the end of trading last Monday. Lufkin sells and services oil field and pumping units and other power transmission equipment. On the other hand, General Electric's bottome line has been buoyed by businesses that manufacture equipment utilized in the production of oil and gas.
Both General Electric and Lufkin could not be reached for comments outside of US business hours. Lufkin and General Electric has business operations in North America, Latin America, Europe and the Middle East.
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