From a press release published by GE earlier today:
Seeking to improve and sustain its manufacturing capabilities to meet the growing demand for oil and gas production and power transmission equipment, GE Oil & Gas (NYSE: GE) today announced it plans to invest $60 million in expanding and modernizing its foundry operations in Lufkin.
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.
Updated for 2013!
You know the Christmas season is here when Rudolph arrives!
We're talking about Rudolph the Red Nosed Pumping Unit who for 47th year will be ushering in the holidays in East Texas.
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