General Electric Co. Is buying Lufkin Industries for about $3.1 billion in cash, the Wall Street Journal reported today.
Lufkin manufactures and services a variety of pumps in its oilfield unit and also designs and manufactures heavy-duty enclosed gears for its power transmission business. The gears are used in oil-field and industrial applications and sold to a wide range of industries.
GE, the Journal said, will pay $88.50 for each Lufkin share, a 38% premium to Friday's close. The stock has fallen 20% over the past 12 months.
