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GE Oil & Gas Acquires Remainder of UK’s Allen Gears - GE announced it has signed an agreement to acquire Allen Gearing Solutions (Allen Gears), a privately held designer, manufacturer and service provider of gears for industrial and marine applications [NYSE: GE]
GE Oil & Gas Acquires Remainder of UK’s Allen Gears

 

PRZOOM - /newswire/ - Houston, TX, United States, 2013/12/09 - GE announced it has signed an agreement to acquire Allen Gearing Solutions (Allen Gears), a privately held designer, manufacturer and service provider of gears for industrial and marine applications [NYSE: GE]. NYSE: GE

   
 
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• Expands GE’s Role in Industrial Gears Sector;
• GE to Integrate Allen Gears’ Industrial Gear Business into Lufkin’s Power Transmission Division.

Expanding its presence in the industrial gears sector, GE Oil & Gas, a GE (NYSE: GE) business, announced today it has signed an agreement to acquire Allen Gearing Solutions (Allen Gears), a privately held designer, manufacturer and service provider of gears for industrial and marine applications.

The move comes two years after GE acquired a 35 percent minority interest in the business. Allen Gears employs approximately 160 people and has one manufacturing facility in Pershore, U.K.

Allen Gears produces high-speed, high-power gearing solutions specializing in “epicyclic” gears that are lighter, more compact and typically have a higher power density than more traditional parallel shaft gear systems. Epicyclic gears are desirable in industrial and marine applications that require smaller footprints. The U.K. firm has an installed base of more than 6,000 units worldwide with the vast majority being epicyclic gears. Currently, Allen Gears’ primary markets include Europe, the United States, Japan, Brazil, South Africa and South Korea with an emphasis on industrial segments including power generation, oil and gas, hydroelectric, marine and nuclear energy.

Allen Gears will be integrated into the Power Transmission division of GE’s Texas-based Lufkin business, a leading supplier of artificial lift and industrial gears technology for the oil and gas industry. GE announced it completed the acquisition of Lufkin Industries on July 1, 2013. Lufkin’s three power transmission production facilities and seven service centers manufacture industrial gears and engineered bearings, particularly parallel shaft gears that are designed to produce high and low speeds in turbine applications, predominately for energy-related industrial applications.

“This acquisition underscores the importance of Allen Gears’ industry-leading technology and GE’s ongoing commitment to grow all areas of our newly acquired Lufkin business,” said Ian Milne, president of GE Oil & Gas’ Lufkin division. “Bringing Allen Gears fully into GE will help Allen Gears grow by leveraging GE’s global sales and service footprint.”

“Allen Gears will add manufacturing and field service capacity, boosting GE’s ability to compete for projects with tight production and delivery schedules,” said Kevin Johnson, managing director of Allen Gears. “Our advanced technology combined with Lufkin’s will also give us the ability to provide a more complete offering to customers.”

GE is a world leader in turbomachinery technology that 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 complements GE’s existing product line and is currently in use on GE’s compressor and gas turbines. Just as Lufkin continues to sell these technologies to the open market, so too will Allen Gears following the acquisition.

About GE
GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.

About GE Oil & Gas
GE Oil & Gas is a world leader in advanced technologies and services with 43,000 employees in more than 100 countries supporting customers across the industry from extraction to transportation to end use. Our unrelenting commitment to the environment, health and safety, quality and integrity defines us: it’s The Way We Work. We develop smart solutions for our customers across the oil and gas value chain delivering the innovation, customized service solutions, training programs and technology that helps them to maximize their efficiency, productivity and equipment reliability. We partner with our customers to develop their next generation workforce; help them to fully benefit from the megatrends of natural gas, the growth of subsea and hard-to-reach reserves and the revolution in asset health management.

Contacts
GE news, Masto Public Relations - E: information[.]mastopr.com

Cynthia Coleman, GE Oil & Gas
P: +1 281 921 5018 - E: Cynthia.coleman[.]ge.com.

Sean Gannon, GE Oil & Gas
P: +1 212 587 5059 - E: sean.gannon[.]ge.com.

 
 
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GE Oil & Gas Acquires Remainder of UK’s Allen Gears

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Contact: Fabio Pianini - GE Oil & Gas 
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