The transaction combining GE’s oil and gas business with Baker Hughes is complete. The new company brings together equipment, services and digital solutions across the spectrum of oil and gas development.

BHGE will help its customers acquire, transport and refine hydrocarbons more efficiently, productively and safely, with a smaller environmental footprint and at lower cost per barrel.

Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company said, “Disruptive change is the oil and gas industry’s new normal. 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.”

Jeffrey Immelt, chairman and CEO of GE, said, “BHGE can help our customers be more productive in any cycle, especially today’s. It’s a smart deal for our combined customers, shareholders and employees. Lorenzo and his team are world-class leaders and will focus on accelerating the company’s capability to extend the digital framework in ways oil and gas customers have never seen before. The completion of the transaction marks a new era in the industry, and I am extremely proud of our team’s focus, dedication and diligence, which resulted in the completion of this combination in just eight months.”

The integration of the Russian businesses will be completed upon receipt of Russian regulatory approval.

BHGE’s global organization is designed to achieve business continuity, minimize disruption and meet and exceed performance objectives. It brings global scale and tailors its capabilities for the local needs of its customers. In numbers, that breaks down to:

•  ~70,000 people
• Operations in more than 120 countries
• Four product companies — Oilfield Services, Oilfield Equipment, Turbomachinery and Process Solutions, and Digital Solutions — and 24 product lines and segments
• Dual headquarters in Houston and London

Immelt is serving as chairman of the board of directors of Baker Hughes, a GE company, and Martin Craighead, former chairman and CEO at Baker Hughes, is vice chairman of the board.