Baker Hughes trim organization to two units from four
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Baker Hughes (NASDAQ:BKR) said on Tuesday it will simplify its organizational structure by reducing its business units from four to two - Oilfield Services & Equipment, and Industrial & Energy Technology - starting October 1.
Baker Hughes (BKR) said it expects to cut costs by at least $150M, as its Oilfield Services & Equipment unit will integrate the current Oilfield Services and Oilfield Equipment businesses, while its Industrial & Energy Technology will integrate the current Turbomachinery & Process Solutions and Digital Solutions businesses.
The company said the restructuring "will simplify operations, enhance profitability and drive growth, meeting customer needs and producing solutions in the rapidly evolving energy and industrial markets."
Baker Hughes (BKR) has made strides in its Turbo and Processing Solutions business in the LNG and carbon capture space, and the stock is attractive at current levels for growth and income, Fluidsdoc writes in a bullish analysis posted recently on Seeking Alpha.