After a long process that started in October 2016 with GE Oil & Gas and Baker Hughes announcing their intentions to merge, both companies finally sealed the deal on July 3, 2017, creating Baker Hughes, a GE Company.
Baker Hughes, a GE Company, or BHGE, said in a company press release that it is now the world’s first and only full-stream oil and gas company to bring together integrated services, equipment and digital solutions that enhance productivity, lower costs and minimize risks across the entire spectrum of the oil and gas value chain.
The newborn company is present in more than 120 countries, has around 70,000 employees and brings together over 125 years of experience. With headquarters in London and Houston, the company looks to unlock innovation through data, analysis and insights and to provide for a lower environmental footprint on its processes, more efficiency and, ultimately, a lower cost per barrel, the company said.
BHGE expects that combining physical and digital advanced technologies could bring approximately 5 percent productivity improvements across the entire industry and is committed to helping its customers capture this opportunity by the use of cloud-based software, advanced manufacturing and factory solutions with its four product companies – Oilfield Services, Oilfield Equipment, Turbomachinery and Process Solutions, and Digital Solutions – and 24 product lines and segments. Its IntelliStream software is just one of the examples in which the company is innovating. Furthermore, BHGE now has full access to the GE Store of knowledge, experience and research, allowing the company to bring new solutions to market faster.
Lorenzo Simonelli, president and CEO of BHGE 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.” Jeffrey Immelt, chairman and CEO of GE, said, “The completion of the transaction marks a new era in the industry.”
BHGE’s press release explains that Class A, common stock of Baker Hughes, a GE company, will begin trading on the New York Stock Exchange (NYSE) on July 5, 2017, under the symbol BHGE. Furthermore, with the completion of the transaction, after the close of the NYSE on July 3, 2017, the shares of common stock of Baker Hughes Incorporated (NYSE: BHI) were delisted from the NYSE.
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