WASHINGTON (dpa-AFX) - Baker Hughes (BKR) announced an agreement to form a new joint venture with a subsidiary of Cactus, Inc. (WHD), in which Baker Hughes will contribute its surface pressure control product line. Cactus will assume operational control, owning 65% of the joint venture, while Baker Hughes will retain a 35% stake. The joint venture will operate independently from Cactus existing Pressure Control business.
Baker Hughes Chairman and CEO Lorenzo Simonelli said, 'We remain committed to our valued SPC partners and customers whose operations we have proudly supported, and we believe this joint venture only enhances delivery of innovation and reliability in well control as the combined business will leverage Cactus unconventional expertise and agility into international markets.'
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