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General Electric to acquire Vetco Gray

NEWS
09/01/07 - GE to acquire Vetco Gray for $ 1.9 billion.

General Electric Co. is expanding its presence in the oil and gas industry with the acquisition of Houston-based Vetco Gray Inc. for $1.9 billion from a group of private equity funds

Vetco Gray -- a supplier of drilling, completion and production equipment -- is owned by private equity funds Candover Partners Ltd., 3i Group Plc., and JP Morgan Partners LLC.

Vetco, which is expected to generate over $1.6 billion in sales in 2006, employs 5,000 people in more than 30 countries. The company operates key centers in Houston; Aberdeen, Scotland; Stavanger, Norway; Oslo, Norway; and Singapore. Major products include flow control valves, control systems, wellheads, manifolds, risers and associated after-market services. Vetco will be become part of GE's GE Oil & Gas unit.

The deal is expected to close in 2007.

Upon completion of the transaction, Candover, 3i and JP Morgan Partners will continue to own Vetco Aibel, which is engaged in the business of design, engineering, construction and maintenance of oil and natural gas production facilities, process systems and related products.
Based in Fairfield, Conn., GE (NYSE: GE) develops and makes products that generate, transmit, distribute, control and use electricity.


Source:

http://news.moneycentral.msn.com/ticker/article.aspx?Symbol=US:GE&Feed=ACBJ&Date=20070108&ID=6323919