General Electric wants to get more involved in the energy industry, and that means big bucks for one Lufkin Company.

It's been announced the GE is buying Lufkin Industries for 38 percent above the closing price of its shares on Friday.  GE values the deal at around $3.3 billion dollars.

We don't know yet what the buyout means for the Angelina County employees, and Lufkin Industries hasn't commented on the deal yet.  The announcement today came from GE.

KTRE has more.

Lufkin Industries makes pumping equipment that helps drillers extract more oil out of older oil fields.