April 8 General Electric Co is nearing a
deal to buy oilfield services provider Lufkin Industries Inc
to expand its profitable oil and gas business, The Wall
Street Journal reported, citing unidentified sources familiar
with the matter.
The Journal did not report the potential purchase price.()
Lufkin's shares rose 4 percent to $66.50 on lean volumes in
trading before the bell on Monday.
Neither General Electric nor Lufkin could be reached for
comment outside regular business hours in the United States.
General Electric's profit in recent years has been boosted
by businesses that make equipment used in oil and gas
Lufkin, which sells and services oilfield pumping units and
power transmission products, has operations in the United
States, Canada, Latin America, the Middle East and Europe.