General Electric Co said it will purchase oilfield services provider Lufkin Industries Inc for about $2.98 billion to boost its presence in the energy business.GE, the world's biggest maker of jet engines and electric turbines, has expanded in the energy industry with a series of acquisitions of companies that make equipment used in oil and gas production, while divesting assets in finance and media industries.The company has spent about $11 billion in acquisitions since 2007 to boost its presence in the oil and gas business, which is the conglomerate's fastest-growing and which contributes about 10 percent of its total revenue.Lufkin will broaden GE's artificial lift capabilities beyond electric submersible pumps.
Lufkin Industries, Inc. is a global supplier of artificial lift products, technology, services and solutions, including automated control equipment and analytical products for artificial lift equipment, to the oil and gas industry. Shares of LUFK remained unchanged at $63.93. In the past year, the shares have traded as low as $45.11 and as high as $80.04. On average, 508110 shares of LUFK exchange hands on a given day and today's volume is recorded at 309690.
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