Baker Hughes To Sell Natural Gas Solutions Business For $375 Mln

(RTTNews) - Baker Hughes, a GE company, (BHGE) announced an agreement to sell its Natural Gas Solutions business to two separate entities, First Reserve and Pietro Fiorentini, for a combined value of $375 million. Natural Gas Solutions is part of BHGE's Turbomachinery & Process Solutions segment, providing commercial and industrial products such as gas meters, chemical injection pumps, pipeline repair products and electric actuators.

BHGE has agreed to sell its NGS product line to First Reserve, a global private equity investment firm. The transaction includes the transfer of approximately 450 employees located in eight countries, including three manufacturing sites in North America and the United Kingdom. In a separate deal, BHGE has 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.