Monday, November 18, 2019

Baker Hughes Finalizes Name Change

October 17, 2019

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Baker Hughes has officially dropped GE from its name after the industrial conglomerate shed majority ownership in the oilfield services company in September.

Formerly Baker Hughes, a GE company, the firm will now be known as Baker Hughes, and on Friday its Class A common stock will begin trading on the New York Stock Exchange under the symbol BKR, it said.

Following the July 2017 merger between Baker Hughes and GE Oil & Gas, General Electric had owned 62.5% of the combined company. GE reduced its stake to 50.4% in November 2018, and then again to 36.8% in September.

GE said it plans to continue divesting the remainder of its holding in Baker Hughes over time.

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