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GE adds to artificial lift business with $3B deal

General Electric is acquiring pump maker Lufkin Industries Inc. to augment its artificial lift business, which is based in Oklahoma City.
BY JAY F. MARKS jmarks@opubco.com Published: April 9, 2013
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GE announced last week it would build a global oil and gas research center in Oklahoma. The $110 million center is expected to create 125 jobs.

Oklahoma City is home to the company's artificial lift business, which employs more than 550 people to help make new oil fields more efficient and older fields productive again.

“GE sees the acquisition as helping to grow both Lufkin and GE Artificial Lift,” spokesman Sean Gannon said. “The technology portfolio at both companies is very complementary, and as GE continues to invest in new technologies and global growth in the artificial lift segment, we see both companies as continuing to grow. So it's a win-win for both businesses.”