HOUSTON—Baker Hughes has completed a transaction combining the firm with General Electric Co.'s oil and gas business.
The new company—called Baker Hughes, a GE company—brings together capabilities across the full value chain of oil and gas activities, according to a company statement.
"Disruptive change is the oil and gas industry's new normal. We created (Baker Hughes) because oil and gas customers need to withstand volatility, work smarter and bring energy to more people," said Lorenzo Simonelli, president and CEO of the combined business. "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."
The combination was completed in just eight months, according to Jeffrey Immelt, chairman and CEO of GE. The integration of the Russian businesses will be completed upon receipt of Russian regulatory approval.
The company employs about 70,000 in operations across 120 countries, including its dual headquarters in Houston and London, according to the statement. It includes four product companies: Oilfield Services, Oilfield Equipment, Turbomachinery and Process Solutions, and Digital Solutions.
Immelt is serving as chairman of the board of directors for the combined entity, and Martin Craighead, former chairman and CEO at Baker Hughes, is vice chairman.