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Baker Hughes, General Electric finalize corporate merger

Baker Hughes, General Electric finalize corporate merger

Companies to offer fullstream oil services
  
   

 

As the area recovers from the oil and gas downturn of 2014, two of Houston’s largest energy companies have joined forces.

General Electric and Baker Hughes announced Monday their merger has been finalized. GE now has a 62.5 percent majority stake in the oilfield services company, which operates a training center on FM 2920 in Tomball.

The companies announced the merger last fall. GE and Baker Hughes have not yet announced the valuation of the merger, however the companies have a combined $23 billion revenue, based on 2016 reports.


In mid-June, the companies announced an agreement with the Department of Justice to approve the merger, and a shareholder vote was held June 30.

The company will be known as Baker Hughes, a GE company. According to the release, the company now employs 70,000 people, has operations in more than 120 countries and includes four product companies: oilfield services, oilfield equipment, turbomachinary solutions and digital solutions.

“Disruptive change is the oil and gas industry’s new normal,” said Lorenzo Simonelli, president and CEO of Baker Hugher, a GE company, in a statement. “We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people. Our offering is further differentiated from any other in the industry across the value stream and enables and assists our customers in driving productivity, while minimizing costs and risks.”

The company now offers “fullstream” services, including drilling, pipeline and storage, and refinery and petrochemical solutions, according to the company website.