Baker Hughes To Sell Its Natural Gas Solutions Business
Baker Hughes, a GE company (BHGE), has agreed to sell its natural gas solutions (NGS) business to two separate entities, First Reserve and Pietro Fiorentini, for a combined value of $375 million. NGS is part of BHGE’s Turbomachinery & Process Solutions (TPS) segment, providing commercial and industrial products such as gas meters, chemical injection pumps, pipeline repair products, and electric actuators.
GE acquired the division in 2011 when it bought Dresser Inc. for $3 billion.
First Reserve, a global private equity investment firm focused exclusively on energy, will buy the NGS product line. This transaction includes the transfer of approximately 450 employees located in eight countries, including three manufacturing sites in North America and the UK.
In a separate transaction, Pietro Fiorentini will buy the Talamona, Italy, branch of BHGE’s NGS product line. The transaction includes the transfer of approximately 40 employees and a manufacturing site in Talamona.
Both transactions are expected to close in the second half of 2018; financial terms of the agreements were not disclosed.
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24 October 2018
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24 October 2018