FAIRFIELD (dpa-AFX) - General Electric Co. (GE) is close to an agreement to acquire Oil and gas equipment company Lufkin Industries Inc. (LUFK), according to reports on Monday, citing people familiar with the matter.
However, the reports did not specify about the deal value. Lufkin has a market capitalization of $2.15 billion.
In February, Lufkin Industries said the slowdown witnessed in the North American activity in the fourth quarter was expected to weigh on the coming quarter as well. It however added that it expected a gradual recovery starting in the second quarter that should drive sequential increases in revenue and earnings. Lufkin said at the time it expected earnings in the range of $3.50 to $3.80 per share and consolidated revenue in the range of $1.40 billion to $1.45 billion for fiscal 2013.
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