General Electric Co. on Monday announced it has completed its buyout of oil field equipment and services giant Baker Hughes Inc., combining it with GE’s oil and gas business. The new company, to be called Baker Hughes, a GE company, will begin trading on Wednesday on the NYSE under the BHGE ticker symbol.
BHGE will provide services for customers by combining digital solutions and technology from the GE Store with the oilfield services and products from Baker Hughes. The combination creates the world’s second-largest oilfield service provider by revenue.
“BHGE is an industry leader positioned to deliver in any economic environment and assist our customers in driving productivity. This deal capitalizes on the current cycle in oil and gas while also strengthening our position for the market recovery,” said Jeff Immelt, chairman and CEO of GE and chairman of BHGE. “I am extremely proud of the GE and Baker Hughes teams for completing the combination in just eight months, which is a testament to the team’s unwavering focus and dedication since the announcement last October. As we go forward, the new full stream offering accelerates our ability to extend a digital framework to customers while delivering world-class technical innovation and service execution. We look forward to continuing a seamless integration for our customers.”
BHGE will employ just under 70,000 people worldwide and operate in more than 120 countries.
The new company will consist of four product companies—oilfield services, oilfield equipment, turbomachinery and process solutions, and digital solutions—and 24 product lines and segments. BHGE will be dual headquartered in Houston and London.
“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,” said Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company. “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.”
https://www.bhge.com/