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He spoke after the company announced it's buying Lufkin Industries (LUFK), makers of the oil pumps that are seen bobbing up and down on oil fields across the globe.
Cramer said that while GE remains strong in both health care and aerospace, the company is shedding its non-core assets, such as entertainment, to get back to its industrial roots. He said that GE will be making a big play into energy over the next few years and Lufkin was a prime target given its low valuation.Cramer said he'd be a buyer of GE at current levels as he sees the company's move into oil and gas will translate into a multi-year move higher for the stock. To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here. -- Written by Scott Rutt in Washington. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC
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