Posted 14 hours ago
Proposed by hugue baker
- Establishment of two reporting lines of business: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET).
- Accelerate strategic transformation to simplify and improve operations, improve profitability while positioning for growth with customers in the energy and industrial markets.
- Expects to achieve at least $150 million in cost reductions, maximizing shareholder value.
“We have continually ensured that Baker Hughes can operate in any environment and play a clear role in helping to solve the energy trilemma – balancing energy security, sustainability and affordability. Today, we are deliberately taking the next step in our strategic journey to transform and simplify our operations and position Baker Hughes for the future,” said
Baker Hughes is restructuring its four product companies to focus on two business lines and streamlining its corporate structure, which is expected to provide at least
- Oilfield Services and Equipment (OFSE) incorporates the current product companies Oilfield Services (OFS) and Oilfield Equipment (OFE).
- Industrial and Energy Technology (IET) incorporates current product companies Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS).
After identifying OFSE and IET as the two main areas of activity in 2021, Baker Hughes has carefully assessed all aspects of the company’s long-term strategy, business performance, organizational structure and market outlook across all of its businesses. This transformation is the next step in the company’s journey to create the preeminent energy technology company, positioning itself for the changes unfolding in the energy landscape.
Baker Hughes will also make changes to its leadership team who will report to
- Maria Claudia Borras is Executive Vice President (EVP) of OFSE. Borras previously served as executive vice president of OFS since 2017.
- Rod Christie is EVP of the IET. Christie was previously EVP of TPS since 2017.
- Jim Apostolides is Senior Vice President (SVP) of Corporate Operational Excellence, a newly created role to improve coordination and alignment of key operational areas. Apostolides will supervise the consolidated accounts of the Company
Supply Chain Centers of Excellence; Health, Safety, Environment and Quality (HSEQ); and environmental, social and governance (ESG) functions. He previously served as Senior Vice President of Corporate Excellence and has been with the company for 23 years.
“Three years ago, we set ourselves the bold ambition of being an energy technology company and moving energy forward. We could not have achieved our goals without the commitment and perseverance of our entire management team,” said
In a very dynamic environment, Baker Hughes continues to work diligently to improve operational execution and reshape the organization. The Company will continue to execute on its strategic priorities with the goal of improving returns, generating strong free cash flow and delivering shareholder value and returns.
About Baker Hughes:
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Backed by a century of experience and operating in more than 120 countries, our innovative technologies and services advance energy – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerughes.com.
This press release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act. of 1934, as amended. , (each a “forward-looking statement”). The words “anticipate”, “believe”, “assure”, “expect”, “if”, “intend”, “estimate”, “project”, “expect”, “expect”, “predict “, “prospects”, “aim”, “want”, “could”, “should”, “potential”, “would”, “could”, “probable”, “probable” and similar expressions, as well as their negative , are intended to identify forward-looking statements. There are numerous risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s Annual Report on Form 10-K for the annual period ended.
For more information please contact:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Backed by a century of experience and with operations in more than 120 countries, our innovative technologies and services drive energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at www.bakerhughes.com.
More hugue baker