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General Electric expands to oil sector

Admin | 17.04.2013

GE informed they are buying Lufkin, the oil services supplier, through an agreement for US2.980 billion, to expand their business in the energy sector.

GE informed they are buying Lufkin, the oil services supplier, through an agreement for US2.980 billion, to expand their business in the energy sector.

GE, the largest manufacturer in the world of airplane engines and turbines, has expanded in the energy industry with a series of acquisitions of companies that manufacture equipment used in the production of gas and crude oil, while getting rid of financial and media firms.

The company has invested around US$11 billion in acquisitions since 2007 to increase their presence in the gas and crude oil business, the sector with the fastest growth inside the conglomerate and which contributes with around 10% of the corporation’s income.

Lufkin will expand GE’s capacity in artificial elevators beyond submergible electric pumps.

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