Newspaper article St Louis Post-Dispatch (MO)

GE, Baker Hughes Create Powerful New Player in Energy Sector

Newspaper article St Louis Post-Dispatch (MO)

GE, Baker Hughes Create Powerful New Player in Energy Sector

Article excerpt

DALLAS * General Electric is taking advantage of a prolonged energy slump to become a bigger player in the oil and gas drilling business, a bet that could pay off big when prices recover.

GE and Baker Hughes Inc. said Monday they will combine their oil and gas operations, creating a major player in the oilfield- services industry at a time when the energy sector is bogged down by weak and volatile commodity prices.

The new publicly traded company will still be called Baker Hughes, but GE will own 62.5 percent of it. By combining with GE, Houston-based Baker Hughes expects its annual estimated revenue will more than double to $32 billion.

On a call with investors, GE CEO Jeff Immelt said the deal was intended to create a more technically sophisticated company that can provide the kinds of advanced services that oil companies will demand. …

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