News // Companies
Baker Hughes to sell gas solutions unit for $375 million
19 July 2018 , 14:06Neftegaz.RU679
Houston, July 19 - Neftegaz.RU. Baker Hughes, a GE company, has made an agreement to sell its Natural Gas Solutions (NGS) business to 2 separate entities, 1st 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.
BHGE informed on July 18 it had agreed to sell its NGS product line to 1st Reserve, a global private equity investment firm, focused exclusively on energy. This transaction includes the transfer of approximately 450 employees located in 8 countries, including three manufacturing sites in North America and the UK.
In a separate transaction, BHGE said it had agreed to sell the Talamona branch of its NGS product line to Pietro Fiorentini. The transaction includes the transfer of approximately 40 employees and a manufacturing site in Talamona, Italy.
«We’re continuously evaluating our portfolio to maximize value for all stakeholders,» BHGE Chairman and CEO Lorenzo Simonelli said.
Both transactions are expected to close in the 2nd half of 2018, subject to customary closing conditions and appropriate regulatory approvals. Financial terms of the individual agreements were not disclosed.
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