Lufkin industries shareholders approve merger with GE - KTRE.com | Lufkin and Nacogdoches, Texas

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Lufkin industries shareholders approve merger with GE

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    Lufkin officials excited about GE merger

    Lufkin officials excited about GE merger

    Monday, April 8 2013 6:28 PM EDT2013-04-08 22:28:01 GMT
    General Electric Co. will buy the oilfield equipment maker Lufkin Industries, Inc. for about $3 billion, furthering an effort by GE to grow its oil and gas operations.More >>
    General Electric Co. will buy the oilfield equipment maker Lufkin Industries, Inc. for about $3 billion, furthering an effort by GE to grow its oil and gas operations.More >>
LUFKIN, TX (News Release) -

Lufkin Industries, Inc. ("Lufkin") (Nasdaq: LUFK), announced that, at a special meeting held Thursday, Lufkin shareholders approved the Agreement and Plan of Merger (the "Merger Agreement"), dated as of April 5, 2013, by and among Lufkin, General Electric Company ("GE") and Red Acquisition, Inc., a wholly owned subsidiary of GE.

Shareholders also approved the non-binding, advisory proposal regarding merger-related compensation. Upon the closing of the transaction, Lufkin will become a wholly owned subsidiary of GE and Lufkin shareholders (other than Lufkin shareholders who have properly exercised rights of dissent and appraisal) will be entitled to receive $88.50 in cash, without interest and less any applicable withholding taxes, for each share of Lufkin common stock owned at the time of the transaction's closing.

The merger is expected to be completed as soon as practicable, subject to the satisfaction of certain customary closing conditions.

Lufkin Industries, Inc. sells and services oilfield pumping units, well automation systems, gas lift and plunger lift systems, progressing cavity pumps, well completion products, foundry castings and power transmission products throughout the world.

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