April 8, 2013 / 9:31 AM / in 5 years

GE close to buying oilfield services provider Lufkin -WSJ

April 8 (Reuters) - 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 production.

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.

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