Local Company With 100-Year History To Keep Its Name
More on a story we brought you earlier this week...
General Electric is getting more involved in the energy industry and is in the process of buying Lufkin Industries in a deal valued at around $3.3 billion dollars. The CEO tells KTRE that Lufkin Industries will keep its name.
Lufkin Industries makes pumping equipment that helps drillers extract more oil out of older oil fields, and it's a company with a rich, 100+ year history in East Texas. The most recent reports say there will be very little loss with the buyout, and if anything there will be gains in terms of jobs and opportunity. Job losses are not expected, and GE may add more local positions.
Lufkin Industries still has its eyes on expansion, and growing the business.