News wire — Oilfield services firm Baker Hughes Co said on Tuesday it will simplify its organizational structure by reducing its business units to two from four, starting Oct. 1.
The company added it expects to deliver at least $150 million in cost savings.
The Houston, Texas-based firm said it will combine its Oilfield Services and Oilfield Equipment units to form Oilfield Services & Equipment. Maria Claudia Borras will be the Executive Vice President (EVP) of the unit.
It will also create an Industrial & Energy Technology unit by merging its Turbomachinery & Process Solutions and Digital Solutions businesses. Rod Christie will be the EVP of the unit.
Reporting by Ruhi Soni in Bengaluru; Editing by Krishna Chandra Eluri – Reuters
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