Oilfield services company Baker Hughes is moving ahead with plans to again become an independent company, The Houston Chronicle reports, signing a series of separation agreements with parent company, General Electric, Baker Hughes CEO Lorenzo Simonelli said Thursday.
Baker Hughes has operated as a subsidiary of the Boston industrial conglomerate since its 2017 merger with GE’s oil and gas division. GE reduced its ownership stake in Baker Hughes to 50.4% in November and plans to further reduce its share in July.
The separation agreements include long-term collaboration deals for technology and equipment as well as digital products. The companies, Simonelli said, also signed separate deals for controls, pensions, taxes and inter-company services.
With a history going back to 1907, Baker Hughes employs more than 64,000 workers in 120 nations. The company survived seven consecutive quarters of losses during a crude oil price downturn in 2015 and 2016. Read the full story.