BHI to sell Baker Hughes Mining Tools
Posted: 28 July 2004
Baker Hughes Incorporated has signed a definitive agreement with Atlas Copco North America, Inc. to sell Baker Hughes Mining Tools, "BHMT", part of the Hughes Christensen division, to Atlas Copco. BHMT is a leading manufacturer of rotary drill bits used in the worldwide mining industry with 2003 revenues of approximately $40 million. The closing of the transaction is subject to certain closing conditions and is expected to be completed in the third quarter of 2004. The company intends to classify Baker Hughes Mining Tools as a discontinued operation.
Commenting on the sale, James R. (Rod) Clark, Baker Hughes' president and chief operating officer said, "I believe that the customers and employees of Baker Hughes Mining Tools will benefit from being part of an organization dedicated to the mining industry."
Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.
For more information see http://www.bakerhughes.com
Posted by Richard Price,
Editor Pipeline Magazine
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