GE Makes Oil & Gas AcquisitionZacks Investmentupdated Feb 14, 2011TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.General Electric Company (GE) announced that its Oil & Gas business will acquire the Well Support division of John Wood Group Plc for approximately $2.8 billion. The transaction is expected to close in the latter half of 2011, subject to shareholders’ approval and customary closing conditions. The proposed transaction positions GE as a key player in enhanced oil recovery technology by adding electrical submersible pumps to GE's portfolio of drilling and production solutions. Demand for products and solutions that enhance oil recovery is expected to grow significantly driven by an expected decline in production from existing wells. Wood Group and GE have also agreed to negotiate over the next three months a commercial arrangement relating to turbo machinery servicing activities. GE announced a second acquisition of advanced technology from Wind Tower Systems, Llc that is expected to enable construction of taller wind turbine towers. The need for taller, cost-efficient towers is becoming an important factor in the wind industry as blade lengths increase. Taller towers are necessary for installing longer blades. Longer blades capture more energy and in turn improve return on investment for wind farm developers. GE has one of the best infrastructure franchises worldwide with solid organic growth rates, exposure to favorable secular trends and a large installed base supporting a growing annuity-like services business. Infrastructure businesses from GE are helping build the energy, health, transportation and technology infrastructure of the new century. These businesses provide the products and services that help developing regions participate in the global economy, while also helping developed regions upgrade with cleaner, more efficient and better infrastructure technologies. Financial business at GE offers an array of products and services aimed at enabling commercial businesses, consumers and markets worldwide to build a stronger and financially secure future. The company has adopted strategic imperatives to strengthen its portfolio by building strong growth platforms and generating cash from low-return businesses. Its focus remains on accelerating organic growth and achieving technical and service excellence, while building enduring customer relationships around the world. GE has products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products. Since its incorporation in 1892, the company has developed or acquired new technologies and services that have broadened considerably the scope of its activities. United Technologies Corporation (UTX) is a major competitor. We currently have an Outperform recommendation on General Electric. GENL ELECTRIC (GE): Free Stock Analysis Report Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.