GE Buys Lufkin Industries for $3.3 Billion

Bloomberg reported that GE has expanded its energy portfolio with the purchase of Lufkin Industries Inc for $3.3 billion.

As quoted in the market report:

Oil and gas has become GE’s fastest-growing segment with sales since 2009 up 57 percent to $15.2 billion amid a shale-oil boom poised to make the U.S. the world’s largest crude producer. Revenue at Lufkin, which makes artificial lift equipment that brings crude and other materials to the surface, rose 37 percent last year to $1.3 billion.

To view the whole Bloomberg report, click here.