Baker Hughes sells sensor unit to Crane at $1.15 billion

Baker Hughes announced on Monday that it would sell its Precision Sensors and Instrumentation (PSI), product line to aerospace parts and defense parts manufacturer Crane, for $1.15 Billion. The oilfield services provider is looking to optimize its portfolio.

Lorenzo Simonelli, the CEO of Baker Hughes, has been reshaping the company to adapt to global energy transformation. He has shed non-core assets and invested in cleaner energy solutions.

Oil industry struggles with low spending on oilfield activities. The company relies on portfolio refinement to increase earnings and cash flow.

Baker Hughes sold last week 65% of the surface pressure control division to an equipment maker.

Cactus

For $334.5 Million

The PSI comprises three brands - Druck, ReuterStokes, and Panametrics - which provide pressure sensing, flow measurement, and radiation detection technologies for use in the aerospace, nuclear, and industrial markets.

In 2025, the unit is expected to generate revenue of approximately $390 million and adjusted EBITDA of $60 million.

Baker Hughes stated that the transaction would close by 2025. Reporting by Vallari Shrivastava from Bengaluru, editing by Anil D'Silva & Shreya biswas

(source: Reuters)