HOUSTON, Jan. 20 (UPI) -- General Electric Co. said it would buy a division of Cameron International Corp., a Houston oil and gas equipment producer, for $550 million.
GE said it would buy Cameron's reciprocating compression business. Cameron, concurrently, said the sale would allow it to concentrate on its core centrifugal compression unit, the Wall Street Journal reported Monday.
GE said it was buying Cameron to add to its downstream solutions group.
Cameron's reciprocating compression unit has a workforce of about 900 people. Sales in 2012 were about $355 million, the Journal said.