Baker Hughes Makes A Deal With GE After Failed Halliburton Merger
Another big merger seeks the approval of government regulators as Baker Hughes agrees to a partnership deal with General Electric. The change affects the oil-and-gas businesses of both companies. The new partnership will be jointly owned by each company's shareholders. The joint release reads in part:
"This transaction creates an industry leader, one that is ideally positioned to grow in any market. Oil & gas customers demand more productive solutions. This can only be achieved through technical innovation and service execution, the hallmarks of GE and Baker Hughes," said Jeff Immelt, Chairman and Chief Executive Officer of GE.
According to numbers from the Wall Street Journal, the merger creates a company that has a combined $32 billion in annual revenue.
The most recent estimates by NOLA.com show Baker Hughes employs 34,000 people in more than 80 countries. We have reached out to the company regarding the number of jobs that could be affected in South Louisiana.