Baker Hughes, GE Oil & Gas complete merger
Baker Hughes, a GE company says that the transaction combining GE’s oil and gas business with Baker Hughes is complete.
The new company has about 70,000 employees, operations in more than 120 countries, four product companies—Oilfield Services, Oilfield Equipment, Turbomachinery and Process Solutions, and Digital Solutions—and 24 product lines and segments, and dual headquarters in Houston and London.
The integration of the Russian businesses will be completed upon receipt of Russian regulatory approval.
President and CEO Lorenzo Simonelli said: “Disruptive change is the oil and gas industry’s new normal. We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people. Our offering is further differentiated from any other in the industry across the value stream and enables and assists our customers in driving productivity, while minimizing costs and risks.”
He continued: “BHGE has proven technologies and experience with the spirit of a startup, and ourleadership team looks forward to quickly demonstrating the strengths of the new company. Our focus is on integrating our businesses quickly and seamlessly so we can drive long-term value for all of our stakeholders.”