Following approval by Baker Hughes stockholders, the transaction combining GE’s oil and gas business with Baker Hughes creating Baker Hughes, a GE company (BHGE), is complete on July 4, 2017.
According to the statement by the new company, it is the 1st and only to bring together equipment, services and digital solutions across the entire spectrum of oil and gas development.
BHGE is focused on providing a fullstream offering across the full value chain of oil and gas activities - from upstream to midstream to downstream.
Further, the new company is focused on combining physical and digital to increase reliability and uptime.
Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company, said, «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.»
Jeffrey Immelt, chairman and CEO of GE, said, «BHGE can help our customers be more productive in any cycle, especially today’s. It’s a smart deal for our combined customers, shareholders and employees. Lorenzo and his team are world-class leaders and will focus on accelerating the company’s capability to extend the digital framework in ways oil and gas customers have never seen before».
The new company said that the integration of the Russian businesses will be completed upon receipt of Russian regulatory approval.
In numbers, the new company has around 70,000 people, operations in more than 120 countries, 4 product companies - Oilfield Services, Oilfield Equipment, Turbomachinery and Process Solutions, and Digital Solutions - and 24 product lines and segments.
Class A common stock of Baker Hughes, a GE company, will begin trading on the New York Stock Exchange under the symbol BHGE on the opening of the NYSE on July 5, 2017.
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