LUFKIN, TX (KTRE) - Although GE is buying out Lufkin industries, a top official says there are no plans to scrap the brand of the century-old industry.
CEO Jeff Immelt toured the company's buck creek facility Tuesday afternoon and said he really likes the Lufkin Industries brand and its 110-year history.
"I think our intention is that we want to continue to grow the business. It doesn't really overlap with any other GE facility," Jeff Immelt said.
While planning to expand the business, GE has one great reason for buying the company.
"I would say this is a complimentary product to what we do today. So, the reason why we bought the company was really because it has a great reputation, and a good workforce, and all that stuff gets embedded in the market place," Immelt said.
It's a market place in East Texas that General Electric Co. is certain will add to their growing operations.
"Anytime you're in a multi-business company like GE you're always thinking about the portfolio. Certainly over the last five years we've kind of sold the media assets and invested a lot of that into oil and gas," Immelt said.
GE plans for both employees and customers to benefit from the merger. Immelt says with a company that's been around for 110 years, he trusts there are great employees. It's not certain if any jobs be lost.
"I try never to say to anybody that your life is not going to change. I don't even say that to GE people, so there's always change but we think this is a great company," Immelt said.
The CEO says it's all about winning in the marketplace. There may not be any jobs lost but many want to know if any GE positions will be added.
"It's possible. We haven't really thought that far ahead. I think Lufkin has a lot of brand value and I think at GE we always looks for practical. I mean we love our company like the people in Lufkin love their company," Immelt said.
GE plans to keep the brand and name of Lufkin Industries, Inc. and may possibly find a way to incorporate the GE brand into it.
Immelt says he enjoyed the tour of the facility and makes it a point to tour all new facilities purchased by GE.
GE announced a $3.3 billion purchase of Lufkin Industries, Inc. Monday morning.
Immelt says the next step is to begin the process of looking into how Lufkin Industries will best fit inside GE.