Baker Hughes Co. has agreed to sell the rod lift solutions business it inherited from the fallout of its General Electric Co. (GE) merger in a deal intended to relaunch Lufkin Industries Inc. as a freestanding company.

GE purchased the 118-year-old Lufkin business for $3.3 billion in 2013—four years before merging its oilfield equipment and services arm with Baker Hughes. Despite selling a majority stake in 2019, GE still owns 36.6% of Baker Hughes.

Per a May 1 release from buyer KPS Capital Partners LP, Baker Hughes will part with the Lufkin rod lift business, based in Missouri City, Texas, for an undisclosed amount. KPS, a New York-based private-equity firm, solicited about $7 billion in investments in October 2019.

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