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2014-03-25 07:03:00

BAKER HUGHES BUYS WEATHERFORD

BAKER HUGHES BUYS WEATHERFORD

HBJ. Weatherford International Ltd. (NYSE: WFT) will sell its pipeline and specialty services business to a subsidiary of Houston-based Baker Hughes Inc. (NYSE: BHI) in a $250 million deal.
The deal includes $241 million in cash and $9 million in retained working capital, the companies said March 24.
It's also part of Weatherford's previously announced plan to divest its noncore businesses. Switzerland-based Weatherford, which has its operational headquarters in Houston, has been restructuring its business for some time.
Last month, the oilfield service and equipment manufacturing company said it has identified 6,192 positions to cut in the first half of the year and is on track to divest four businesses by the end of the year.
"This sale is an important first step towards Weatherford's refocus on its core businesses and becoming a leaner, more efficient and stronger company," Bernard Duroc-Danner, chairman, president and CEO of Weatherford, said in a March 24 statement.
Duroc-Danner said the pipeline and specialty services business complements Baker Hughes' existing process and pipeline services business and that Baker Hughes is "well positioned to maximize the potential of this business."
"The substantial demand for Baker Hughes' process and pipeline services indicates the growing importance of midstream infrastructure in supporting the expansion and sustainability of the energy industry," Martin Craighead, chairman and CEO of Baker Hughes, said in the statement. "The addition of Weatherford's pipeline and specialty services not only will augment our asset assurance and integrity capabilities, but also will help us leverage our existing technologies and global supply chain network into profitable, growing markets."

Tags: BAKER, HUGHES, WEATHERFORD