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GE to merge oil unit with Baker Hughes to create service giant
November 1, 2016 by admin · Leave a Comment
General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc , creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices. The deal to create a company with $32 billion in annual revenue will combine GE's strengths in making equipment long-prized by oil producers with Baker Hughes's expertise in drilling and …
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GE to merge oil unit with Baker Hughes to create service giant