Lufkin also provides a wide array of automation systems for oil and gas wells to optimize their artificial lift technologies with an ultimate objective to reduce production costs.

FORBES: GE's Bet On Lufkin Bolsters Its Growing Energy Business

The company is focusing on increasing oil and natural gas production significantly by 2015 and also spent huge sums of money to lift natural-gas accessibility in comparison with diesel and gasoline in the U.S. transportation sector.

FORBES: Chesapeake Looks To Lower Debt, Ride Growth To $35

Some of these product technologies like rod lift are seeing increasing demand due to the changing dynamics of the oil and gas production market.

FORBES: GE's Bet On Lufkin Bolsters Its Growing Energy Business

Overall, the expanded artificial lift product portfolio will allow GE to continue to grow in the current changing oil and gas production market.

FORBES: GE's Bet On Lufkin Bolsters Its Growing Energy Business