GE top SABIC
March 27, 2003 GE PLASTIC
GE Plastics announces the next
generation of Polycarboneate: Clear LEXAN® EXL Resin
--New Transparent Material Improves Durability and Impact
Strength of Standard Polycarbonate Resin--
GE Plastics, a division of General Electric
Company (NYSE: GE) headquartered here, today announced the
development of clear LEXAN® EXL resin, a new transparent polymer.
exchange acquisition by General Electric Company and GE
Investments, Inc. of Amersham plc
GE and Amersham
announce their agreement on the terms of a recommended share
exchange acquisition by GE of Amersham.
Amersham, headquartered in
the UK, is a global leader in medical diagnostics and life
sciences. The Amersham Group employs over 10,000 people
worldwide and had sales of £1.6 billion ($2.4 billion) in 2002.
The Amersham Group was formed in 1997 through the mergers of
Amersham International (UK), Pharmacia Biotech (Sweden) and
Amersham has three main business areas: medical diagnostics,
operating as Amersham Health, and protein separations and
discovery systems, together operating as Amersham Biosciences.
今回の買収によって誕生するGE Healthcareは、医療用画像診断装置の開発・製造・販売やサービス、ヘルスケアITビジネスを展開する売上高110億ドルの「GE Healthcare Technologies」と、旧アマシャムのビジネスを受け継ぐ売上高30億ドルの「GE Healthcare Bio-Sciences」の2つの事業部門からなります。
セントジャイルズ、GE Healthcare Technologiesは米ウィスコンシン州ウォーカシャ、GE
Jan 31, 2005
GE DEDICATES THIRD PHASE
OF GE ADVANCED MATERIALS, PLASTICS COMPLEX IN CARTAGENA
General Electric (NYSE:
GE) officially dedicated today its new LEXAN* resin plant in
Cartagena, Murcia, at an event hosted by Chairman and CEO Jeff
Immelt. This is the third phase of the GE Advanced Materials,
Plastics complex and represents an investment of 600 million
euros. The planned construction of a fourth phase, GE’s ULTEM*(ポリエーテルイミド) resins plant, was also announced
during the inaugural event.
The inauguration of GE’s 2nd Cartagena
plant brings its total investment in the Cartagena complex to
1,700 million euros. This represents one of the largest private
investments in Spain in the last 20 years and confirms that GE is
one of the biggest private investors in the Spanish economy.
The new GE plant has the capacity of producing approximately 130,000 tons of
GE Sets Private-Equity Limits
General Electric Co. has asked for bids on its
valued at as much as $10 billion, in an auction that appears to
reflect new concerns from the Justice Department about the lack
of competition among possible private-equity buyers.
British Plastics &
Rubber Industry News 2007/1/9
GE Plastics up for sale ?
Speculation is running high that General Electric is in talks to
sell GE Plastics. The sale of GE Plastics was pitched as likely
after GE sold its
Advanced Materials division to Apollo Management in September. Now US financial
commentators say that the business is being auctioned, with
private equity companies likely to pay as much as $10 billion.
While GE Plastics is a profitable operation, its profits fell 23
per cent in the third quarter as raw material costs rose, and a
sale is seen as a likely continuation by GE chief executive
Jeffrey Immelt of a policy of disposals of vulnerable businesses
and acquisitions of high fliers: he has spent nearly $70 billion
on acquisitions in areas such as health
care since becoming chief executive in
2001, according to one source.
Goldman Sachs is reported to be managing bids for the business,
and while equity companies are seen as the most likely
purchasers, commentators have tipped BASF and Dow
possible contenders, while SABIC is quoted as saying that it may
bid if the company was put up for sale.
（PEI 樹脂 polyetherimide）
LNP Compounds （川崎製鉄、ＧＥにエンプラコンパウンド事業全面売却）
結晶性、非晶性を問わず、PP等の汎用樹脂からPEI, PEEK等の高機能樹脂まで30種類以上の熱可塑性樹脂と様々なフィラーの組み合わせにより、今までに得ることのできなかった樹脂の性能と可能性を引き出します。高剛性、高耐熱、耐磨耗性、高寸法精度を兼ね備えた摺動性材 Lubricomp,
Thermocomp (サーモコンプ) / 強化・充填
Thermocomp HSG / 高比重
Thermotuf （サーモタフ） / 耐衝撃
Lubricomp （ルブリコンプ） / 内部潤滑
Lubriloy （ルブリロイ） /
Stat-Kon （スタットコン） / 導電性
Stat-Loy （スタットロイ） / 永久帯電防止
Faradex （ファラデックス） / 電磁波遮蔽
Konduit （コンデュイット） / 熱伝導
Verton (バートン) / 高強度・高弾性率
Starflam （スターフラム） / 難燃
John F. Welch, Jr. 私の履歴書
CEO, 1981 - 2001
Mr. Welch, a native
of Salem, Massachusetts, served as Chairman and Chief
Executive Officer of General Electric from 1981-2001.
Mr. Welch was born in
Salem in 1935. He received his B.S. degree in chemical
engineering from the University of Massachusetts in 1957 and
his M.S. and Ph.D. degrees in chemical engineering from the
University of Illinois in 1960.
In 1960, Mr. Welch
joined GE as a chemical engineer for its
in Pittsfield, Massachusetts. He was elected the company's
youngest Vice President in 1972 and was named Vice Chairman
in 1979. In December 1980 it was announced that he would
succeed Reginald H. Jones and in April 1981 he became the
eighth Chairman and CEO. Mr. Welch retired as Chairman and
CEO of General Electric in September 2001.
In September 2001,
Mr. Welch published his autobiography, "Jack, Straight
From The Gut." The book quickly jumped to the #1 spot on
bestseller lists from "The New York Times,"
"The Wall Street Journal," Amazon.com, "USA
Today" Non-Fiction and the Association of Independent
In addition to his
new role as author, Mr. Welch serves as a consultant to a
small group of Fortune 500 business CEOs.
AsiaPulse via COMTEX
Inida's Reliance Industries eyeing GE's Plastics unit
Mukesh Ambani group flagship Reliance Industries, the
country's largest private company, is eyeing global
conglomerate GE's Plastics unit, estimated to be valued at
about US$10 billion.
The company has been looking for opportunities to expand its
presence in petrochemicals and plastics businesses across the
world, as part of which it had unsuccessfully pursued
acquisition of UK energy giant BP Plc's
petrochemicals business Innovene last year, sources said.
In the past, RIL had acquired German speciality polyester
manufacturer Trevira for 80 million euro (Rs 430
crore, US$103.76 million) a couple of years ago.
RIL in race for
Ambani group flagship Reliance Industries is said to be
exploring the possibility of joining the bidding race for
General Electric's underperforming plastics business,
estimated to be valued at about $10 billion.
Analysts have speculated that GE Plastics could attract a
range of global contenders ranging from the US-based Dow
Chemicals, Du Pont, Rohm and Haas, and PetroChina.
So far, Reliance has just begun developing a domestic
market for superior engineering plastic by working
closely with Videocon and Maruti. "Despite being
among the top ten plastic manufacturers in the world, we
are unable to service large global customers.
On the other hand, GE Plastics has a significant presence
in the superior engineering plastics business and a
history of strong relationship of working closely with
global automotive majors," the official added.
Sources say Reliance is said to be exploring
a tie-up with Dow Chemicals. The US major has signed
an MoU with Reliance to set up a unit in Reliance's
Jamnagar SEZ. In turn, Dow would offer
a substantial stake in its struggling petrochem unit in
A formal announcement is expected anytime. Sources say the bid
for GE Plastics is contingent on whether Reliance is
able to expand its strategic relationship with Dow
GE to Acquire Abbott’s in vitro and Point-of-Care
Diagnostics Businesses for $8.13 Billion, Broadening Capabilities
in Growing Global Industry
General Electric Company and Abbott, a global leader in medical
diagnostic instruments and tests, announced today that they have
entered into a definitive agreement for GE to acquire Abbott’s primary in vitro diagnostics
Point-of-Care diagnostics business (formerly known as i-STAT) for $8.13 billion in cash.
Abbott’s Molecular Diagnostics and
Diabetes Care businesses are not part of the transaction and will
remain part of Abbott.
Feb 08, 2007
Chemweek's Business Daily
GE Plastics, PetroChina Suspend Work China Polycarbonate Project
Plans for a world-scale
polycarbonate (PC) joint venture plant in China between GE Plastics and
PetroChina have been suspended, according to officials with GE
Plastics. The outlook for demand in China remains very strong but
recent and planned capacity additions have pressured margins.
March 26 2007 Financial Times
Saudis line up bid for GE
Saudi Basic Industries Corporation, the largest public company in
the Middle East, is lining up a bid for General Electric's
plastics division in a deal that could be valued at up to $12bn.
Sabic has appointed Citigroup to prepare an indicative offer
ahead of the first round of the auction in mid-April. The move
underlines the appetite of Gulf state investment funds for
investments outside home markets.
Among those bidding are Blackstone, the US private equity firm,
which has teamed up with privately owned Koch Industries.
It will face competition from buy-out firm Apollo, which last year acquired GE's
$3.8bn advanced materials business, and which is also preparing
its bid for the plastics business.
Separately, Kohlberg Kravis Roberts, Carlyle
Group and Bain Capital are thought to be planning
Strategic players that have signalled an interest include Reliance
India's largest listed group, and Basell, the plastics maker owned by
Access Industries of the US and India's Chatterjee Group.
It is not clear whether BASF, one of the largest suppliers of
plastic, will participate in the auction after recent remarks
from the company suggested the division may be too expensive.
General Electric is close
to selling its plastics division to Saudi conglomerate Saudi
Basic Industries Corp in a deal worth nearly 11 billion dollars,
the Wall Street Journal reported on Thursday.
The newspaper also
reported that the deal was not expected to run into political
problems, unlike the effort by Dubai Ports World last year to
take over management of several US ports, which failed due to
worries over security issues.
（その結果、Basell と Lyondell の合併の可能性が出てきたと）
2007/5/21 GE 本件ブログ
GE Announces Sale of
Plastics Business to SABIC for $11.6 Billion; Industrial
Portfolio Transformed for Stronger Growth; Proceeds to Be Used
for Stock Buyback
GE today announced that it has signed a definitive agreement to
sell GE Plastics to Saudi Basic Industries Corporation (SABIC), a
globally respected petrochemicals manufacturer, in a deal valued
billion in cash plus assumption of liabilities. The closing of the transaction
is subject to customary conditions, including the receipt of
regulatory approvals, and is targeted for the third quarter of
GE will receive net after-tax proceeds from the
sale of approximately $9 billion. The proceeds will be principally used
to re-launch the current stock buyback, increasing the 2007 planned
share repurchase from $6 billion to $7-to-8 billion. The sale
will generate an approximate after-tax gain of $1.5 billion,
which will be used to fund restructuring across GE’s businesses and the share
clears SABIC acquisition of GE plastics
Commission announced Friday that it has cleared the proposed
$11.6 billion acquisition of the US' GE Plastics by SABIC
that was announced on May 21.
The GE Plastics will
become part of SABIC Americas, which is based in Houston and
is the hub of Sabic's U.S. operations. It has operated in the
U.S. for more than 20 years and currently operates long-term
partnerships with a number of companies including ExxonMobil
and Shell .
Sabic Innovative Plastics
The name change is expected to be
official sometime in September, officials said.
Plast Europe 2007/7/5
Sabic: GE's Chinese polycarbonate project abandoned
Sabic does not plan to pursue the joint polycarbonate project in
China that had been planned by GE Plastics in partnership with
As Sabic is building its
own PC plant in Saudi Arabia, there is no need for a Chinese
facility, a company spokesman told PIE.
The Saudi group is in the process of acquiring GE Plastics.
GE Announces Termination
of Contract with Abbott
announced today that GE and Abbott have agreed to mutually
terminate their agreement relating to GE’s acquisition of Abbott’s primary in-vitro and
point-of-care diagnostics businesses. GE and Abbott worked diligently to
complete the transaction but were unable to reach agreement on
final terms and conditions. As a result, they agreed it was in
the best interests of both companies to mutually terminate their
agreement and discussions.
Announces Termination of Contract with GE
Abbott and GE have
mutually agreed to terminate their contract for the sale of
Abbott’s core laboratory and
point-of-care diagnostics businesses to GE. The two companies
were unable to agree on final terms and conditions of the
This has no impact on
Abbott’s previously issued
earnings-per-share guidance, excluding specified items, for
the full-year 2007 or the second quarter. Abbott’s earnings outlook for 2008
also remains unchanged.
Abbott, GE end
Analysts said Thursday
that Abbott Laboratories may have stopped the sale of its
diagnostics division to General Electric Co. because of lingering
problems with the Food and Drug Administration.
Analysts including Jon
Wood of Banc of America said the cancellation may be connected to
issues at Abbott's Irving, Texas plant. In March, the FDA warned Abbott
that there were problems with testing instruments at the
Banc of America's Glenn
Novarro said GE may have wanted to modify the
company is commenting on the specifics for GE's decision/ability
to walk, the fact that Abbott is allowing them to walk without paying a
strongly suggests GE had a solid case to either renegotiate or
terminate the deal," he said.
Inside the U.S.,
Abbott's diagnostic unit has been hampered by manufacturing
issues that have had the division under U.S. Food and Drug
Administration supervision since 1999. All but one
manufacturing site passed FDA inspection within recent
months, said Brotz. Inspections are done under what is called
a consent decree.
At an investor
conference in Florida in May, Immelt told shareholders the
transaction was ``complicated.''
``The complexity is really driven around it being an asset
deal that has got a very complicated footprint, so there are
a lot of transition service agreements,'' Immelt said. ``It
being in a consent decree, as Abbott has been, clearly we are
not going to acquire the company with regulatory risk. And
they wouldn't expect that either.''
Dec 10, 2007
GE, Novavax team up on
pandemic flu vaccine
The GE Healthcare unit of
General Electric Co and Novavax Inc. on Monday said they will
collaborate to develop a system to manufacture pandemic （流行）flu vaccine that will be far
speedier and less costly than standard techniques.
Novavax, a tiny U.S. biotechnology company, is already conducting
early stage trials of its H5N1 pandemic flu vaccine, using the
company's so-called virus-like particle (VLP) technology to
quickly produce the vaccine in a cell culture -- growing cells in
an artificial medium. Traditional vaccines, by contrast,
typically are manufactured in chicken eggs through a
February 26, 2008
Plastics begins producing long glass fiber-reinforced composites
in Korea to better serve Asian customers
To provide enhanced service and support for customers in Korea
and Asia - the fastest-growing market in the world - SABIC
Innovative Plastics today announced the opening of a major
production line at its Chung-Ju, Korea facility. The new line will produce LNP* Verton* long
glass fiber-reinforced thermoplastic composites, which are widely used across the
burgeoning automotive, telecommunications, and appliance
industries in Asia. The company’s continued investment in new
production facilities such as the LNP Verton composite line is
designed to provide customers with a local source of innovative
product solutions and technological expertise.
SABIC Innovative Plastics continues to expand its Korean presence
to meet the diverse needs of manufacturers and molders. The LNP
Verton production line, which will begin operating this month,
will run 20 grades of the composites in a variety of resin
systems including Polypropylene, Poly Amide and PPA. The new line
significantly expands the Chung-Ju facility, which was opened in
1989. The Chung-Ju plant houses a
40,000-ton high-tech manufacturing system, material properties
testing equipment, and color-matching equipment to meet customer
plant develops colors and materials through Six Sigma and Lean
Six Sigma; the latter is a business improvement methodology that
combines tools from Lean Manufacturing for speed and Six Sigma
for quality. The result is the highest-quality service with
strict quality management (ISO 9002, ISO 14001).
G.E. Looks to Sell Its Appliances Unit
General Electric is planning to sell its appliances
one of the longest-running businesses in the conglomerate’s 120-year history, a person
briefed on the matter said Wednesday.
Though the appliance business comprises a small portion of G.E.’s $173 billion in annual revenue,
divorcing it from the company would carry great historical
import. Since it began selling appliances in 1907, the division
has grown to more than $7 billion in annual revenue as it sells a
wide range of products, including refrigerators, microwaves and
dishwashers. Among the appliances it has introduced are the room
air-conditioner (1930), the combined washer-dryer unit (1954) and
the toaster oven (1956).
Last year, it sold its plastics business - where both Mr. Immelt
and his predecessor, John F. Welch Jr., worked early in their
careers - to Sabic, the big Saudi Arabian industrials company,
for $11.6 billion.
|Robert B. Reich
(Jack) Welch fought to cut
or limit every extra expense at GE, including the cost of
retrieving the toxic chemical polychlorinated biphenyls
(PCBs) that GE had dumped into the Hudson
He led a lobbying effort in Congress to weaken
environmental rules for cleaning toxic sites and to limit
what polluters had to pay in cleanup costs. In 1977,
residents of Pittsfield, Massachusetts, learned that the soil
around homes near a GE factory there was contaminated
with PCBs. They also learned that GE had known of the
problem since the 1980s, but had not told them.
Hudson River PCBs http://www.epa.gov/hudson/
The Hudson River PCBs
Site encompasses a nearly 200-mile stretch of the Hudson River in
eastern New York State from Hudson Falls, New York to the Battery
in New York City and includes communities in fourteen New York
counties and two counties in New Jersey. The site is divided into
the Upper Hudson River, which runs from Hudson Falls to the
Federal Dam at Troy (a distance of approximately 40 miles), and
the Lower Hudson River, which runs from the Federal Dam at Troy
to the southern tip of Manhattan at the Battery in New York City.
For purposes of this project, EPA further divided the Upper
Hudson River area into three main sections known as River Section
1, River Section 2, and River Section 3.
From approximately 1947
to 1977, the General Electric Company (GE) discharged as much as
1.3 million pounds of polychlorinated biphenyls (PCBs) from its
capacitor manufacturing plants at the Hudson Falls and Fort Edward facilities into the Hudson River.
The primary health risk
associated with the site is the accumulation of PCBs in the human
body through eating contaminated fish. Since 1976, high levels of
PCBs in fish have led New York State to close various
recreational and commercial fisheries and to issue advisories
restricting the consumption of fish caught in the Hudson River.
PCBs are considered probable human carcinogens and are linked to
other adverse health effects such as low birth weight, thyroid
disease, and learning, memory, and immune system disorders. PCBs
in the river sediment also affect fish and wildlife.
officials in the U.S. have ordered General Electric Co. to
pay to remove tons of poisonous PCBs from the upper Hudson
The large dredging
operation is expected to cost nearly $500 million. If GE
refuses to clean up the river, the Environmental Protection
Agency could start the work on its own and charge the company
up to triple the cost.
GE argues dredging
would stir up the pollutants and cause them to flow
downstream. Environmentalists caution much of the pollution
was dispersed widely into the environment and cannot be
Local residents near
the cleanup area in upstate New York fear an estimated
100,000 dump-truck loads of sludge will be put in nearby
landfills. The EPA says residents will have a say, and
regulations controlling air quality and noise will be placed
on the cleanup operation.
The agency said the
actual dredging will not begin until a detailed plan of the
project is completed, which could take about three years.
September 10, 2008
Electric Must Revise River Clean Up Plan
cleanup proposal for PCB contamination of the Housatonic River
south of Pittsfield, Massachusetts raises more than 150 concerns,
according to the U.S. Environmental Protection Agency. The river
sediment is polluted with polychlorinated biphenyls, PCBs, south
of the GE property where the company formerly manufactured
electrical equipment such as transformers and capacitors.
In comments sent to GE in
a letter Tuesday, the federal agency details issues that are
inadequately addressed in the company's Corrective Measures
Study, especially regarding impacts on the river ecosystem during
cleanup work, and impacts on aesthetic enjoyment of the area by
EPA concerns that the CMS
as submitted did not adequately address impacts to the river
ecosystem, to sensitive species, and to aesthetic, recreational
and quality-of-life values of the river for area residents.
GE study does not provide
adequate detail on potential placement of a landfill for
consolidation of, or facilities for treatment of, the
contaminated sediment that will be removed from the river. Nor
did GE adequately evaluate the use of rail transportation for
off-site disposal alternatives.
GE Oil & Gas
April 8, 2013-GE
GE to Acquire Lufkin Industries
Accelerates GE's Growth in Artificial
Lift With Solutions for a Wider Variety of Well Types and Technology for
Production Automation and Optimization
Strengthens GE's Turbomachinery Supply Chain With Lufkin's Industrial Gears
Builds on GE's 2011 Acquisition of the Well Support Division of the John
Wood Group PLC
GE and Lufkin Industries Inc. announced today
a joint agreement whereby GE will acquire Lufkin Industries Inc., a leading
provider of artificial lift technologies for the
oil and gas industry and a manufacturer of industrial gears, for approximately
$3.3 billion. Lufkin shareholders will receive
$88.50 per share in cash for each of their Lufkin shares.
Artificial lift, used in 94 percent 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. Upon close, Lufkin will broaden GE Oil & Gas'
artificial lift capabilities beyond electric submersible pumps (ESPs:電動サブマーシブルポンプ：小型の電動モーター付き多段タービン・ポンプをチュービングの下端に設置して採油する方法)
to include rod lift, gas lift, plunger lift, hydraulic lift, progressive cavity
pumps and a sophisticated array of well automation and production optimization
controls and software. The ESP category of artificial lift is the only lift
segment in which Lufkin does not currently compete.
"Advanced technologies, combined with new drilling practices, are
revolutionizing the oil and gas industry," said Daniel C. Heintzelman, president
and CEO, GE Oil & Gas. "The artificial lift segment is at the heart of critical
changes that are helping producers maximize well potential-which translates into
increased output at lower operational cost. Lufkin's world-class people,
equipment and services fit perfectly in our portfolio and will enable us to
offer a wide range of artificial lift solutions to our customers in this
fast-growing artificial lift sector. In turbomachinery, Lufkin is already one of
our suppliers for turbo gearing and specialty bearings products, and this
acquisition allows us to further utilize their technologies and expertise for
"GE represents an excellent new home for Lufkin's technologies, services and our
highly skilled and experienced employees," said John F. "Jay" Glick, Lufkin's
president and CEO. "The global scale that GE offers, combined with its deep
service offerings and network of research labs, will create new opportunities
for our customers and employees around the world. This transaction allows us to
realize our strategic objectives for expanding both our portfolio and our global
platform and will allow us to reach global customers much faster and more
effectively than we could have done as a standalone company. We believe the
financial terms of the transaction represent full and fair value for Lufkin's
Headquartered in Lufkin, Texas, with approximately 4,500 employees in more than
40 countries, Lufkin manufactures and services a broad portfolio of
industry-leading artificial lift equipment through a global network of more than
110 service centers and nine manufacturing facilities. In addition, Lufkin's
three turbomachinery production facilities and seven service centers manufacture
industrial gears and engineered bearings that are designed to produce higher
power levels and speeds and better efficiencies in turbine applications,
predominately for energy-related industrial applications.
The transaction, which is unanimously recommended by Lufkin's board of
directors, is expected to close in the second half of 2013 subject to Lufkin
shareholders' approval, regulatory approvals and customary closing conditions.
The purchase price of $3.3 billion represents a multiple of approximately 13.5x
based on 2013 estimated earnings before interest, taxes, depreciation and
amortization. In 2012, Lufkin posted record revenues of $1.3 billion, which
reflected growth of 37 percent. New business bookings in 2012 grew 38 percent
companywide to $1.3 billion year over year, driven by a 47 percent increase in
its artificial lift business. With synergies from GE Oil & Gas' global scale and
broad array of solutions, GE believes the business is well positioned for
significant top and bottom line growth.
Oil & Gas is GE's fastest-growing business, and with the addition of Lufkin's
artificial lift products and automation and optimization solutions, GE can
provide global exploration and production customers with a complete portfolio of
offerings that address a wider variety of well types at all stages of the
GE's portfolio of turbomachinery equipment is used in mechanical-drive,
compression and power-generation applications such as liquefying natural gas,
moving hydrocarbons through pipelines or generating power via gas turbines at a
production or industrial site. 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.
Artificial Lift's Importance in Oil & Gas
The global artificial lift sector is expected to approach $13 billion in 2013,
according to Spears & Associates. Growth is being fueled by the development of
unconventional shale plays and liquids-rich resource plays. For example, in
North America, an increased pursuit of oil has driven demand for the rod lift
systems manufactured by Lufkin. In 2010, rod lift systems represented about 19
percent of the artificial lift sector (as measured by dollars of equipment sold
per year). By 2012, rod lift had grown to 31 percent of the sector, according to
Lufkin Industries, Inc. is an industry leader in rod lift solutions, and its
beam pump units are a universal symbol of oilfield production. Other artificial
lift systems are in demand as well including progressive cavity pumps for heavy
oil and gas lift for unconventional shale and offshore production. Lufkin also
is pursing global opportunities and recently opened a large manufacturing
facility in Romania to service Eastern Hemisphere markets.
Automation also is an integral part of Lufkin's system-wide approach to
artificial lift optimization, which helps reduce the overall cost of production
in mature fields. It's one of Lufkin's fastest growing segments, driven by
organic growth and three strategic acquisitions completed over the last 18
months. Lufkin's expanded product line allows it to offer a broad suite of
automation products, which today are installed on more than 150,000 wells around
the globe. The automation portfolio of Lufkin contains the building blocks that
will help drive smart technologies to develop an artificial lift "industrial
internet" with "predict-and-prevent" service and maintenance issues through a
connected network of technology, data and experts.
GE Oil & Gas has a proven record of acquiring, integrating and growing
companies, as demonstrated by $11 billion in acquisitions since 2007, including
the recent addition of Wellstream Holdings, Dresser Inc., and Well Support
Simmons & Co. provided investment banking counsel and Bracewell & Giuliani
provided legal counsel to Lufkin. Goldman Sachs and Deutsche Bank provided
financial advice to GE, and Weil, Gotshal & Manges was GE's legal advisor.
About GE Oil & Gas
GE Oil & Gas is a world leader in advanced technologies and services with 37,000
employees in more than 100 countries supporting customers across the
industry-from extraction to transportation to end use. Making the environment,
health and safety, quality and integrity our highest priorities is The Way We
Work. Our technologies and services include: surface and subsea drilling and
production, monitoring and diagnostics, measurement and controls, large-scale
LNG, pipeline compression and inspection, well site and industrial power
generation, technologies for the refining and petrochemical industries, and
modular CNG and LNG units for transportation sectors. Through our customized
service solutions, training programs and technologies, GE Oil & Gas partners
with customers to maximize their efficiency, productivity and equipment
reliability; develop their next generation workforce; and fully benefit from the
megatrends of natural gas, the growth of subsea and hard-to-reach reserves and
the revolution in asset health management.
Lufkin Industries, Inc. sells and services oilfield pumping units, well
automation systems, gas lift and plunger lift systems, progressing cavity pumps,
well completion products, foundry castings and power transmission products
throughout the world. Lufkin has a broad range of technologies required to
design, manufacture and market its products.
GE to Sell
Lighting Business to Savant Systems, Inc.
May 27, 2020
will create an industry leader combining
GE’s brand, lighting expertise and retailer
channels with Savant’s innovative smart home
technology and professional installation
channels for the home
Savant will continue use of the GE brand
Furthers GE’s transformation into a more
focused industrial company
today it has signed a definitive agreement to
sell its Lighting business to Savant Systems,
Inc., an industry leader in the professional
smart home space. Financial details of the
transaction were not disclosed.
and CEO H. Lawrence Culp, Jr., said, “Today’s
transaction is another important step in the
transformation of GE into a more focused
industrial company. Our GE Lighting colleagues
will join a fast-growing leader in home
automation that shares their passion for
bringing the future to light. Together with
Savant, GE Lighting will continue its legacy of
innovation, while we at GE will continue to
advance the infrastructure technologies that are
core to our company and draw on the roots of our
founder, Thomas Edison.”
Founder and CEO Robert Madonna said, “Savant’s
mission from the start has been to create the
number one smart home brand in the world, and I
am confident that the acquisition of GE Lighting
has moved us significantly toward that ultimate
goal. We are committed to ensuring that GE
Lighting’s long history of industry leadership
continues, while bringing exceptional value and
reliability to retail partners and consumers as
the number one intelligent lighting company
worldwide. Never before has connectivity,
security, intelligent lighting and
entertainment, all enjoyed within the comforts
of home, been more top of mind with consumers.”
130 years, GE Lighting has been at the forefront
of every major lighting innovation, from the
dawn of incandescent bulbs to industry-first LED
and smart solutions along with the world’s first
voice-embedded lighting product. Today, GE
Lighting’s portfolio includes leading home
lighting and innovative smart home solutions. GE
Lighting will remain headquartered in Cleveland,
Ohio, and its more than 700 employees will
transfer to Savant upon completion of the
transaction will bring together this legacy and
expertise with Savant’s best-in-class smart home
solutions and renowned culture of innovation,
creating a union of trusted and recognizable
premium brands in the lighting and connected
home technology markets.
award-winning products and solutions that span
lighting, security, climate, whole-house
entertainment including smart speakers, energy
management and beyond, is one of the
fastest-growing smart home companies and is
committed to supporting innovation in the lamp
space, helping retailers grow point of sale year
over year. While the acquisition of GE Lighting
will broaden the market reach of both companies,
the Savant brand remains steadfastly committed
to the professional installation channel for the
home, and it will continue to invest heavily in
the development of the most advanced products,
solutions and services for this market.
transaction includes a long-term licensing
agreement for use of the GE brand. The
transaction is subject to customary closing
conditions and is expected to close in mid-2020.
UBS Investment Bank acted as lead financial
advisor to GE.
Systems, Inc., a Massachusetts-based company, is
a recognized leader in home control and
automation, and one of the fastest-growing smart
home companies in the luxury and mid-markets.
Savant’s powerful Pro technology brings together
all of the vital pillars of the connected home –
climate, lighting, entertainment, security and
energy – together in a single application
interface for the homeowner. This comprehensive
whole-home control system, available through iOS
and Android, delivers the premiere experience in
all of home automation and is available through
Magnolia Design Centers and Savant’s global
network of Authorized Integrators. Learn more at