US industrial giant General Electric said Monday it will acquire Lufkin Industries Inc. for about $3.3 billion.
Lufkin shareholders will receive $88.50 in cash for each share, GE said in a statement.
“GE represents an excellent new home for Lufkin’s technologies, services and our highly skilled and experienced employees,” said John Glick, Lufkin president and chief executive.
Headquartered in Texas, Lufkin manufactures and services oilfield pumping equipment, gear drives and iron castings for various types of machinery.
The company has some 4,500 employees in more than 40 countries.
Lufkin shares jumped nearly 38 percent to $87.88 in pre-market trade Monday.
The deal is expected to close in the second half of 2013, subject to shareholder approval.
GE buying Lufkin Industries for $3.3 bn
