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General Electric acquires John Wood unit

General Electric has announced it is to buy a division of John Wood for $2.8 billion, in a bid to improve on its oil and gas business.

14 February 2011

Sales negotiations between General Electric and the John Wood Group have led to a deal being made between the two firms.

General Electric will now acquire the well support arms of the John Wood Group, at a cost of $2.8 billion (£1.7 billion), as part of its plan to make improvements and advances in its oil and gas services business.

Speaking over the weekend, vice chairman of General Electric John Krenicki Jr said that the addition of the new division feels like "mission accomplished" for the company.

"We've got an industry-leading drilling and production business," he said.

The sales negotiations between General Electric and John Wood saw the former fight off competition to buy the division from firms including Halliburton, reported the Wall Street Journal.

General Electric has had operations based in the UK since back in the 1930s and now has more than 45 outlets, including 25 manufacturing plants, in the country.

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