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Baker Hughes, a GE company, and General Electric have entered into a long-term agreement that will elevate their commercial and technological relationships to the next level. The agreements emphasize long-term collaboration on critical rotating equipment, BHGE access to GE Digital software and technology, and operations and pricing within BHGE digital solutions. With these, both the firms look forward to delivering high-value technologies and solutions to customers across the globe.
Baker Hughes announced the sell-out of its natural gas solutions business to a private equity firm and an Italian company, in a deal worth $375 million. The Connecticut-based private equity firm, First Reserve will procure the global manufacturing business and around 450 employees. On the other hand, BHGE’s manufacturing plant in Italy will be acquired by the Italian firm, Pietro Fiorentini.
Boston-based General Electric (GE), on Tuesday, revealed plans of farming out all of its 62.5% stakes in Bake Hughes (BH) over the next three years. The management at GE believes that the separation would provide BHGE with enhanced agility and the ability to focus on leading in the oil and gas industry. Apart from BHGE, GE healthcare would become a standalone company.