GE to buy Wood Group's oil well support business

[February 14, 2011]  HOUSTON (AP) -- General Electric says its oil and gas business has reached a deal to buy the John Wood Group's well support division for about $2.8 billion.

GE says in a statement Sunday that the deal must be approved by Wood Group's shareholders. It's expected to close later this year.

The well support division makes electric submersible pumps, wellhead pressure control systems and information logging systems.

It has 3,800 employees and more than 20 factories and service centers across the world. Last year it reported $947 million in revenue.

GE says the deal makes it a key player in the oil recovery business by adding submersible pumps.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.