NEW YORK (TheStreet) -- General Electric Co. (GE) announced today that it has agreed to acquire Oceaneering's (OII) electric actuator product line in order to enhance its remote subsea production and processing capabilities.
Shares of GE are higher by 0.81% to $24.79 in mid-morning trading on Tuesday.
The deal is expected to close in the first quarter of fiscal 2015, but the amount for which GE is purchasing the product line was not disclosed.
The company said the product line goes to market under the Oceaneering Subsea All Slectric and Ifokus brand.
"With Ifokus as part of our solutions portfolio, GE has the opportunity to pave the way for electrification in the oil and gas subsea space, giving us a new technology that is faster to operate for processing applications, has excellent enhanced diagnostic capabilities and can be seamlessly integrated into a customer's existing controls, communications and power network," Rod Christie, the CEO of GE Oil and Gas said.
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Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, growth in earnings per share, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."