G.E. Buying Lufkin Industries for $3.3 Billion
Meetings with employees at Lufkin Industries this morning have confirmed the rumors that Lufkin Industries will be selling to G.E. According to a report in the New York Times, the price of the buy out will be around $3.3 billion.
G.E. will end up paying $88.50 a share in cash.
The report goes on to say that the deal is expected to close in the 2nd half of the year.