General Electric Co., Fairfield, Conn., (NYSE: GE) plans to acquire U.K.-based Vetco Gray from Candover Investments Plc, Huddersfield, U.K., (London: CDI), 3i, London, (London: III) and JP Morgan Partners, New York, (NYSE: JPM) for US$1.9 billion. Vetco Gray provides drilling, completion and production equipment for on- and offshore oil and gas fields, such as flow-control valves, control systems, wellheads and after-market services. The company generated more than US$1.6 billion of sales in 2006 in more than 30 countries, with headquarters in Houston; Aberdeen, U.K.; Stavanger and Oslo, Norway; and Singapore. The company will join Florence, Italy-based GE Oil & Gas, GE's oil and gas service subsidiary.
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