GE and Lufkin Industries Inc. announced a joint agreement whereby GE will acquire Lufkin Industries, a leading provider of artificial-lift technologies for the oil and gas industry and a manufacturer of industrial gears, for approximately $3.3 billion. Artificial lift, used in 94% of the roughly 1 million oil-producing wells around the world, helps lift hydrocarbons to the surface in reservoirs with low pressure and improves the efficiency of naturally flowing wells. Lufkin’s suite of gears and bearings will complement GE’s existing product line and are currently in use on GE’s compressor and gas turbines. Lufkin will continue to sell these to the open market as it does today.