POSTED: Monday, April 8, 2013 - 7:37am
UPDATED: Monday, April 8, 2013 - 7:38am
General Electric said it planned to buy energy company Lufkin Industries for $3.3 billion.
Shares of Lufkin, which builds and maintains equipment for oil and gas wells, surged in premarket trading.
According to their website , Lufkin Industries is a world leader in its field, providing precision engineered oilfield equipment and power transmission products to customers around the globe.