GE's gas power unit to buy Nexus Controls from Baker Hughes
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General Electric (NYSE:GE) said Thursday its GE Gas Power business intends to buy Nexus Controls from Baker Hughes (NASDAQ:BKR) "to create a single, world-class full-service controls business within GE" that would complement its Mark Vle platform; financial terms are not disclosed.
"Controls are paramount to modern power plants' flexibility and profitability, allowing operators to adapt their assets' operational strategy to the changing landscape and conditions of the energy transition," GE said. "The planned acquisition of Nexus Controls will combine leading controls talent into a single organization."
GE (GE) said integrating its controls capabilities with those from Nexus Controls "would re-position GE as a global leader in controls products, engineering, and lifecycle services - ultimately providing new value and innovation for our customers and aligning world-class controls talent into a single organization."
General Electric's (GE) Q1 EBIT nearly quadrupled from a year earlier to $584M while total debt was cut in half, Nathan Aisenstadt writes in a bullish analysis published on Seeking Alpha.