General Electric(GE), seeking to expand its presence in the oil and gas industry, agreed to buy drilling and oil equipment outfit Vetco Gray for $1.9 billion.
The giant conglomerate will acquire the business from private equity firms Candover, 3i and JPMorgan(JPM) Partners. Vetco Gray supplies drilling, completion and production equipment for on- and offshore oil and gas fields, including subsea applications. The business, which is expected to generate over $1.6 billion in sales in 2006, employs 5,000 people in more than 30 countries. "This acquisition enables GE to seize faster growth in a rapidly expanding global business," said Claudi Santiago, CEO of GE Oil & Gas. "Vetco Gray expands the portfolio of products, services and solutions available to one of the world's most dynamic industries." GE expects the deal to close early this year.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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