General Electric to Spend Nearly $3B for Oil Pump Manufacturer Lufkin

Reuters reported that General Electric Co will acquire oil pump maker Lufkin Industries for nearly $3 billion and is expected to close the deal by June.

As quoted in the market news:

GE Oil & Gas will become the company’s third-largest manufacturing unit by revenue behind the power and water and aviation units. It has been growing at a breakneck clip, posting a 16 percent jump in revenue from 2011 to 2012.

Click here to read the full Reuters report.