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01/03/2011
GE,Fairfield, Conn., has announced plans to acquire Wellstream Holdings PLC, Newcastle, UK, for $1.3 billion. The deal is expected to close in first quarter 2011, subject to shareholder approval and customary closing conditions. The addition of Wellstream will broaden GE Oil & Gas's extensive subsea production systems equipment and service capabilities, particularly in the floating production, storage, and offloading sector. It also will enhance GE's ability to capitalize on growth in Brazil, Africa, and Asia.Wellstream is a leading independent designer and manufacturer of high-quality flexible pipeline products, systems, and solutions for oil and gas transportation. It operates manuf...
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