General Electric announced on April 8 that it will acquire Lufkin Industries Inc., a provider of artificial lift technologies for the oil and gas industry, for $3.3 billion in cash.
Artificial lift technologies are used in 94 percent of about 1 million oil-producing wells worldwide to improve their efficiency. The acquisition of Lufkin, which was already one of GE’s suppliers, is a move toward broadening GE’s oil and gas division by increasing its technology offerings for various stages of oil production.
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