As oil and gas activity slowed down and oil prices remained volatile, many equipment manufacturers and engineering, procurement, and construction (EPC) companies were hurt in 2009. The lessons learnt last year are likely to show that different strategies and business approaches are needed to sustain growth and profitability in 2010.
General Electric's recent purchase of Wood Group's well support division is another strategic move to strengthen the company's competitive clout in the energy sector. The deal is the firm's fourth acquisition of recent months, signaling a major shift in its corporate strategy: the desire to reduce its dependence on its financial arm and to reinforce its position in the global industrial market.
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