Baker Hughes and GE merge to form new company

HOUSTON, Texas (KTRK) -- GE and Baker Hughes are now one big company, creating a world-leading oil and gas technology and services provider.

The merger was announced in 2016. The new company name will be Baker Hughes, a GE company in the $23 billion deal.

According to a press release, Baker Hughes and GE have formed a new full-stream digital-industrial service, which will offer customers best-in-class physical and digital technology solutions for productivity.

"This transaction creates an industry leader, one that is positioned to grow in any market," said GE Chairman and CEO Jeff Immelt. "Oil and gas customers demand more productive solutions. This can only be achieved through technical innovation and service execution, the hallmarks of GE and Baker Hughes."

The company will have dual headquarters in Houston and London.

"With employees of Baker Hughes and GE Oil & Gas coming together, the new company will be an industry leader, well-positioned to compete in the oil and gas industry while pushing the boundaries of innovation for our customers," said Baker Hughes Chairman and CEO Martin Craighead in a press release.

Read more about the merger on the Baker Hughes, a GE Company website.

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