No longer will it be called Baker Hughes, a GE Company. After General Electric closed $3.3 billion in stock sales this week reducing its ownership of the oilfield service company to 36.8 percent, Baker Hughes announced it was dropping “a GE Company” from its name and also changing its stock ticker symbol.
It would stand to reason that also applies to the BHGE Oil and Gas Technology Center that was launched in 2014 in Oklahoma City. However, the company has yet to confirm if GE is being removed from the name of the center which was renamed last year the BHGE Energy Innovation Center of North America.
Baker Hughes announced it is also changing the stock ticker symbol.
Currently traded on the New York Stock Exchange under the stock ticker symbol BHGE, the Baker Hughes Co. will trade under the symbol BKR.
The Houston Chronicle reported that over the past year and a half, Baker Hughes CEO Lorenzo Simonelli has publicly stated multiple times that there will be no changes to the company’s day-to-day operations after General Electric divests its ownership stake. In advance of that divestment, General Electric and Baker Hughes enacted a series of technology-sharing and service agreements.
Created by the July 2017 merger of Baker Hughes and GE Oil & Gas, General Electric is selling off its ownership stake of Baker Hughes in stages to soften multi-billion losses for the Boston industrial conglomerate.
Baker Hughes reported nearly $23 billion of revenue and making a $195 million profit for its stockholders during 2018. The company employs more than 64,000 people in 120 nations.