Baker Hughes Sells Waygate Technologies for Strategic Reshaping

Baker Hughes will sell its unit, Waygate Technologies, to Hexagon for $1.45 billion. The sale is part of its strategy to focus on high-growth areas, divest non-core assets, and invest in cleaner energy. CEO Lorenzo Simonelli emphasizes the move aligns with their long-term vision for higher returns.

Baker Hughes announced the sale of Waygate Technologies to Sweden's Hexagon for $1.45 billion as part of a strategic shift to prioritize high-growth segments.

The Houston-based company aims to streamline operations by shedding non-core assets, including segments in traditional oilfield services, while focusing on cleaner energy solutions and expanding its natural gas footprint.

CEO Lorenzo Simonelli stated that reshaping the portfolio aligns with their long-term vision of delivering better returns. This move follows past sales and acquisitions designed to consolidate their industrial and energy technology portfolio.

(With inputs from agencies.)