GE to buy Lufkin Industries for about $3B - FOX13 News, WHBQ FOX 13

GE to buy Lufkin Industries for about $3B

Posted: Updated:

NEW YORK (AP) -- General Electric Co. will buy the oilfield equipment maker Lufkin Industries, Inc. for about $3 billion, furthering an effort by GE to grow its oil and gas operations.

GE said Monday it would pay Lufkin shareholders $88.50 per share in the all-cash deal, a 38 percent premium over Lufkin's closing price on Friday of $63.93.

The companies value the deal at $3.3 billion.

CEO Jeff Immelt is in the process of transforming GE from a sprawling conglomerate to one that is more tightly focused on providing services and equipment to industrial customers. The company has shed divisions such as NBC Universal and is shrinking its banking operations.

At the same time, GE is trying to grow its energy-related operations.

Lufkin, based in Lufkin, Texas, makes pumping equipment that helps drillers extract more oil out of older oil fields.

  • Your MoneyMore>>

  • Do mosquito-repellent apps really work?

    Do mosquito-repellent apps really work?

    Wednesday, July 23 2014 11:01 PM EDT2014-07-24 03:01:26 GMT
    What would you do if there was an app that repelled mosquitoes? Well, there are 2 free apps that claim they repel mosquitoes. The Android app from Prothoughts releases high-frequency sound that mosquitoes reportedly don't like. And you can select several frequencies up to 22 kilohertz.The iPhone app from Pico Brothers also claims to drive away mosquitoes. But this one says it cannot guarantee 100 percent success. We went to an expert to see if these types of apps really work.
    What would you do if there was an app that repelled mosquitoes? Well, there are 2 free apps that claim they repel mosquitoes. The Android app from Prothoughts releases high-frequency sound that mosquitoes reportedly don't like. And you can select several frequencies up to 22 kilohertz.The iPhone app from Pico Brothers also claims to drive away mosquitoes. But this one says it cannot guarantee 100 percent success. We went to an expert to see if these types of apps really work.
  • Latest wedding trends and tips

    Latest wedding trends and tips

    Wednesday, July 23 2014 10:35 PM EDT2014-07-24 02:35:07 GMT
    Summer is wedding season. Christal Young reports on some recent wedding trends. Kellee Khalil, the founder of a wedding search engine Lover.ly, gives her take on the trends and also shares some tips.
    Summer is wedding season. Christal Young reports on some recent wedding trends. Kellee Khalil, the founder of a wedding search engine Lover.ly, gives her take on the trends and also shares some tips.
  • The future of technology

    The future of technology

    Wednesday, July 23 2014 7:01 PM EDT2014-07-23 23:01:39 GMT
    For New Yorkers fed up with the nightmare otherwise known as traffic, a futuristic answer may be closer than you think: driverless cars.Gray Scott is a futurist with seriouswonder.com. He and his colleagues track the future of technology. He says driverless cars will be a reality.After launching Google Glass just months ago, Google is about to take vision innovation a step further.
    For New Yorkers fed up with the nightmare otherwise known as traffic, a futuristic answer may be closer than you think: driverless cars.Gray Scott is a futurist with seriouswonder.com. He and his colleagues track the future of technology. He says driverless cars will be a reality.After launching Google Glass just months ago, Google is about to take vision innovation a step further.
Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices