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General Electric Co's GE Oil & Gas Completes Acquisition of Lufkin Industries
General Electric Co's GE Oil & Gas announced that it has completed its acquisition of Lufkin Industries, Inc., provider of artificial lift technologies for the oil and gas industry and a manufacturer of industrial gears based in Lufkin, Texas, for approximately $3.3 billion. The move broadens GE Oil & Gas` artificial lift capabilities with solutions for a wider variety of well types and technology for production automation and optimization in the drilling industry. On June 27, Lufkin shareholders voted to approve the transaction, in which shareholders will receive $88.50 per share in cash for each of their Lufkin shares.
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