October 31, 2016 Baker Hughes, a GE Company Baker Hughes, a GE Company |
2 Additional Information and Where to Find It In connection with the proposed transaction between GE and Baker Hughes, the new NYSE listed corporation ("Newco") will prepare and file with the SEC a registration statement on Form S-4 that will include a combined proxy statement/prospectus of Newco and Baker Hughes (the "Combined Proxy Statement/Prospectus"). Baker Hughes and Newco will prepare and file the Combined Proxy Statement/Prospectus with the SEC, and Baker Hughes will mail the Combined Proxy Statement/Prospectus to its stockholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Baker Hughes and/orNewco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE COMBINED PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE COMBINED PROXY STATEMENT/PROSPECTUS, ANDOTHER DOCUMENTS FILED BY BAKER HUGHES OR Newco WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Combined Proxy Statement/Prospectus and other documents filed with the SEC by Baker Hughes and/or Newco through the website maintained by the SEC at www.sec.gov. Investors and securityholders will also be able to obtain free copies of the documents filed by Newco and/or Baker Hughes with the SEC on Baker Hughes' website at http://www.bakerhughes.com or by contacting Baker Hughes Investor Relations at alondra.oteyza@bakerhughes.com or by calling +1-713-439-8822. No Offer or Solicitation This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buyor sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in anyjurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Participants in the Solicitation GE, Baker Hughes, Newco, their respective directors, executive officers and other members of its management and employees maybedeemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under therules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their director indirect interests, by security holdings or otherwise, will be set forth in the Combined Proxy Statement/Prospectus and other relevant materials when it is filed with the SEC. Information regarding the directors and executive officers of GE is contained in GE's proxy statement for its 2016 annual meeting of stockholders, filed with the SEC on March 16, 2016, its Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the SEC on February 26, 2016, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, which was filed with the SEC on August 1, 2016 and certain of its Current Reports filed on Form 8-K. Information regarding the directors and executive officers of Baker Hughes is contained in Baker Hughes' proxy statement for its 2016 annualmeeting of stockholders, filed with the SEC on April 11, 2016, its Annual Report on Form 10-K/A for the year ended December 31, 2015, which was filed with the SEC on February 19, 2016, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 which was filed with the SEC on October 25, 2016 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above |
3 Caution Concerning Forward-Looking Statements This communication contains "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Baker Hughes.All statements, other than historical facts, including statements regarding the expected timing and structure of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, customers' business plans and financial strength; the competitive ability and position of the combined company following completion of the proposed transaction, including the projected impact on GE's earnings per share; oil and natural gas market conditions; costs and availability of resources; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements.Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target" or other similar words or expressions.Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions.Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from thoseindicated or anticipated by such forward-looking statements.The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved.Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1)that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the stockholders of Baker Hughes may not be obtained; (2)the risk that the proposed transaction may not be completed in the time frame expected by GE or Baker Hughes, or at all; (3)unexpected costs, charges or expenses resulting from the proposed transaction; (4)uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; (5)failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of GE, Baker Hughes and Newco; (6)the ability of the combined company to implement its business strategy; (7)difficulties and delays in achieving revenue and cost synergies of the combined company; (8)inability to retain and hire key personnel; (9)the occurrence of any event that could give rise to termination of the proposed transaction; (10)the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the contemplated merger or result in significant costs of defense, indemnification andliability; (11)evolving legal, regulatory and tax regimes; (12)changes in general economic and/or industry specific conditions, including oil price changes; (13)actionsby third parties, including government agencies; and (14) other risk factors as detailed from time to time in GE's and Baker Hughes' reports filed with the SEC, including GE's and Baker Hughes' annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC.The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication.Neither GE nor Baker Hughes undertakes any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law.Readers are cautioned not to place undue reliance on any of these forward-looking statements. |
4 A compelling, transformational combination ,,I The best partner to Oil & Gas customersiK offering solutions based on complementary equipment & services technology across the full spectrum of the oil and gas value chain ,,I More innovative solutions to market faster and more cost effectivelyiK Baker Hughesi? leading products and services with GE Oil & Gas highly differentiated manufacturing capabilities ,,I Best-in class physical + digital technologyiK combine Baker Hughes domain expertise, technology and culture of innovation with GE Store and GE industry-leading Digital Platform ,,I Value creation for customers and shareholdersiK positioned to weather short-term volatility and participate in industry upcycle |
5 Impact for Baker Hughes shareholders ,,I Ongoing ownership in a stronger, more competitive business ,,I Cash dividend of $17.50 per share equal to 30%+ of undisturbed share price ,,I Participation in substantial value creation through synergies ,,I Revenue growth driven by increased customer touch points |
6 Deal overview Merge GE Oil & Gas with Baker Hughes iK GE owns 62.5%, new Baker Hughes owns 37.5% + Create new, publicly traded company with separate investor base + GE to contribute $7.4B to fund cash dividend to Baker Hughes shareholders upfront + Close expected mid-2017 ... ~$.04 accretive to GE EPS in 2018 1 2 Combination of GE Oil & Gas & Baker Hughes establishes a new industry leader +2x scale, complementary capabilities, more diversified +Can weather the cycle in short term & over time; significantly levered to recovery 4 Synergy opportunity is substantial iK cost and revenue +~$1.6B synergies (~$1.2B cost & ~$0.4B revenue) Disciplined capital allocation iK O&G long-term fit for GE + Essential industry & fits GE Store 5 Efficient transaction structure using like-for-like equity with modest cash outlay including disposition proceeds 6 3 Platform is positioned to deliver substantial customer value + Technical solutions ,,(3)productivity +Best digital platform +Global execution |
7 Transaction overview ... the "new" Baker Hughes A win for GE & Baker Hughes shareholders ... creating long-term value o Merge GE Oil & Gas with Baker Hughes ... GE owns 62.5%, new Baker Hughes owns 37.5% through partnership structure oPublicly traded company with separate investor base; robust minority protections oOwnership interest & voting aligned oGE to contribute $7.4B to fund cash dividend, Baker Hughes distributes $17.50 per share dividend to shareholders oBaker Hughes shareholders receive dividend & 37.5% equity of stronger business oBlended leadership team o9 member Board ... 5 appointed by GE, 4 by Baker Hughes, including M. Craighead Baker Hughes, a GE company Shareholders GE Oil & Gas + $7.4B cash 37.5% 62.5% Newco, Inc. (NYSE listed) $17.50/sh dividend 100% $7.4B cash (operating partnership) |
8 Right time in cycle iK strong long-term fundamentals Factors driving industry Oil iENAM unconventionals~25% E&P spend iENew fields emerging in international onshore iESubsea & offshore required 2015 2025F ~4.0 Existing production New supply Existing production Gas iEGas ,,(acute accent)~1.5% to 2040 iELNG growing 2-3x faster iENAM long-term, low cost source (MBOE/D) (BCM/Y) Customer expectations Transaction assumes slow recovery iK$45-60/bblthrough 2019 1 Increasing requirements for solutions offering 2 Focusing on cost savings & standardization 3 Driving efficiency & productivity with digital 4 Capex to opexswitch 3.5 Demand102+ MBOE/D ~1% CAGR Demand4.0+ BCM/Y ~2% CAGR ~20% decline Source: GE O&G analysis based on IEA, EIA, Rystad, The ICE 2015 2025F 95 ~102 Existing production New supply Existing production ~20% decline |
9 Integrated digitally-enabled offerings to set new standards for the oil & gas industry Creating a productivity leader in Oil & Gas The most advanced service technology company The leader in O&G technology equipment + ~70,000 employees ~$34B revenue '20F 9 |
10 The GE Store in GE, every business can share & access the same technology, markets, structure & intellect. governed by culture & simplification. Supported by GE Capital: iE Financing infrastructure investments ,,I GE Store principle: iE Contribute iE Crowdsource iE Collaborate ,,I Insourced components: iE Alternators and computational fluid dynamics from Aviation iE Turbine technology from Oil & Gas + Marine to Transportation iE Ceramic Matrix Composites (CMCs), from Oil & Gas to Aviation iE And more ... ,,I Cross-industry technology GE DIGITAL ENERGY CONNECTIONS Electrification, controls and power conversion technology POWER Combustion science and services, installed base AVIATION Advanced materials, manufacturing, and engineering productivity TRANSPORTATION Engine technology and localization in growth regions LIGHTING LED is gateway to energy efficiency OIL & GAS Services and technologyiXa first-mover in growth regions HEALTHCARE Diagnostics technologyiXa first-mover and anchor in growth markets RENEWABLE ENERGY Sustainable power systems and storage GLOBAL RESEARCH GLOBAL GROWTH ORGANIZATION CULTURE & SIMPLIFICATION GE CAPITAL 10 |
Creating an industry leader |
12 2020F outlook ~$34 ~$8 Revenue EBITDA ,,I ~$1.6B synergies -~$1.2B cost, ~$0.4B revenue (Proformafinancials, $ in billions) Baker Hughes, a GE company 1 Complete fullstream portfolio 2 Complementary technology iK with opportunity to leverage GE Store 3 Solutions-based offerings & services for customers Predixplatform to enable digital capabilities 5 4 Robust synergy opportunities A stronger company ~23% EBITDA margin A better company together iK servicing customers |
13 Strong complementary portfolio ... ability to go fullstream GE Oil & Gas Baker Hughes Top 3 in segment Meaningful footprint Limited presence Business segments (% '15 revenue) Marketposition Advanced Drilling Services (24%) Directional drilling, measurement and logging while drilling, drilling bits and fluids Logging& Evaluation (6%) Wireline & surface logging, reservoir / core analysis, geoscience & seismic services Completions Systems (40%) Well construction, completion equipment, wellbore intervention, pressure pumping Production Optimization (22%) Artificial lift (ESP, gas lift, progressing cavity pump), chemicals, intelligent production sys. Industrial Services (8%) Processing and pipeline services Business segments (% '15 revenue) Marketposition Surface (13%) Artificial lift (ESP & RLS),surface wellheads, downhole tools, logging services Subsea Systems & Drilling (26%) Trees and wellheads, power & processing, manifolds,risers, BOPs and drilling systems Turbomachinery Solutions (33%) Gas turbines, compressors, modular LNG, turboexpanders, heat exchangers Downstream Technology (14%) Steam turbines, recip. compressors, pumps, valves and fuel gas systems DigitalSolutions (14%) Monitoring, inspection, measurementequipment & services 1 |
14 Strong competitive scope and value proposition across the industry MIDSTREAM TRANSPORT HYDROCARBONS DOWNSTREAM PROCESS AND MARKET PRODUCTS Fullstream combination with GE Store providing best-in-class productivity solutions to customers Drilling & evaluation Completion & production Production & surface equipment Subsea & drilling systems LNG and pipeline solutions Refinery & petrochemical solutions UPSTREAM FIND AND PRODUCE HYDROCARBONS $XB Industry spend '15 ~$600B ~$100B ~$100B % Newco presence ~60% ~30% ~10% Powered by the GE Store Materials Electrical Technologies Software Sciences & Analytics Imaging & Sensors Advanced Manufacturing Computational Fluid Dynamics 14 |
15 Exploration /Early Stages Geophysical Equipment Services - Drilling Drill Bits - Downhole Drilling Tools - Solids Control & Waste Mgmt. - Drilling & Completion Fluids - Land Contract Drilling - - Rig Equipment - Drilling Services Casing & Tubing and Cementing Services Completions Coiled Tubing Services Completion Equipment & Services Hydraulic Fracturing Production Testing - Surface Equipment Rental & Fishing Services - Wireline Logging Production Subsea Equipment - - Artificial Lift Specialty Chemicals - Upstream turbomachinery* - - - Mid-/ Down-stream Pipeline* - - - LNG liquefaction* - - - Downstream & Process Equip.* - Total 2016 revenue $24 $29 $16 $6 2016 Segment Size Top 3 in segment Meaningful footprint Limited presence Combined portfolio matches oil field service leaders Source: Spears OMR October 2016, Quest, ThomsonEikonestimates Note: market segment analysis excludes $10B market for Digital Solutions across up-/mid-/downstream and other industries + * GE management estimate ~$7 ~$52 ~$41 ~$33 ~$22 ($ in billions) |
16 Complementary capabilities Balanced portfolio ,,I Largest O&G equipment provider ,,I Full value chain exposure (UpstreamiVmidstream-downstream) GE Store ,,I Materials & modeling ,,I Digital thread ,,I Global reach / strong balance sheet Manufacturing excellence ,,I Best-in-class processes ,,I Advanced / virtual mfg. capabilities Services capabilities ,,I Established global infrastructure ,,I Complete upstream offering Advanced products ,,I Robust portfolio iK offshore&complex reservoir solutions ,,I Strong development capabilities Integrated project management ,,I Customer interaction through out life of field ,,I Reservoir understanding Common Technology DNA Combination creates an industry differentiated solutions provider iK ability to better,more efficiently serve our customers Breadth of portfolio Geographic presence Efficiency of operations New business models 2 |
17 Baker Hughes + GE Store iK future of drilling Technology injection for drilling + Battery technology ,,(3)Downhole batteries + GE Healthcare technology ,,(3)Advanced sensor analytics (i.e. NMR, acoustics) + Systems modeling & integration ,,(3)shorter BHA (From 65i? to 30i?) + Fluid mechanics science ,,(3)Downhole power generation + Material science ,,(3)Corrosion resistant BHA + Bit composite encapsulated sensors ,,(3)Accurate well placement Benefits ,,I Increased rate of penetration iK drill faster ,,I Increasing tool performance iK drill more efficiently ,,I Increasing longevity & overall utilization ,,I Better wellbore trajectory ,,I HP/HT capabilities to ensure durability ,,I Real-time analytics and data visibility ,,I Technology enhancements & adv. manufacturing iK cost out Baker Hughes best-in-class drilling system enhanced by GE technology AutoTrakTM: 100MM+ ft. drilled iK record 13,574 ft. in one run in 3Q i?16 in NAM |
18 Onshore completion & production Offshore completion & production Evaluation & drilling Mid & downstream ,,I Subsea infrastructure: x-trees, manifolds, processing ,,I Well access & control ,,I Infrastructure maintenance ,,I Rotating equip. for offshore ,,I Subsurface construction ,,I Well intervention ,,I Stimulation ,,I Artificial lift ,,I Chemicals ,,I Surface wellheads ,,I Artificial lift ,,I Oilfield power ,,I Pumps & compression ,,I Subsurface construction ,,I Well intervention ,,I Stimulation ,,I Artificial lift ,,I Chemicals ,,I Compression: LNG and pipeline ,,I Power generation ,,I Measurement & control ,,I Gas distribution ,,I Valves and flow technology ,,I Digital: asset optimization ,,I Chemicals ,,I Well access & control: IWOCS and BOPs ,,I Drilling tools ,,I Wireline tools ,,I Advanced drilling ,,I Drilling support: bits, fluids ,,I Wireline logging ,,I Subsurface software ,,I Reservoir sampling & analysis CAPEX OPEX 3 Integrated solutions across the value chain 18 |
19 Great customers across all segments Top GE Oil & Gas customers Top Baker Hughes customers Opportunity + End-to-end integrated customer solutions + Broad portfolio offering + Reliable long-term partner + Digitize assets & oilfields + New technology introduction + Global capabilities + New business models Providing customers productivity solutions across the value chain |
20 Robust synergy opportunity Drivers ~$26B ~$1.2B $MM 2018F 2019F 2020F ~$0.6B ~$1.0B ~$1.2B Cost synergy timing 2020F spend Cost synergies ~4.5% cost out Experienced teams ... have successfully managed downturn 4 Sourcing/procurement improvements ~$400 -Material deflation through combined buy 1 -Consolidate properties across extensive footprint ~$200 Manufacturing & service footprint rationalization 2 ~$200 -Advanced manufacturing & digital condition-based maintenance Process optimization 3 -Right-size back office, eliminate duplication ~$400 SG&A consolidation 4 Revenue synergies ~$400 -Enhanced ability to deliver integrated solutions, address greater scope of projects 5 |
21 Cost synergy examples Structural savings Enhancements through digital thread: Brilliant Factories ... 30% reduction in lead time Functional support consolidation 560 660 Manufacturing & service optimization GE ~25% facility overlap ... consolidation opportunity + o Process harmonization oSimplification oDuplication removal oIntegration Simplification Legacy Redesigned Unique Units 190+ 21 From: Product cost out Legacy of manufacturing excellence: acquisition example ... 50% reduction in rod-lift unit cost o BCC sourcing oDesign changes oLogistics commonality o Supplier rationalization + volume leverage oStandardization + demand management BHI Facilities rationalization 1 2 Material deflation |
22 Petro-economies looking for integrated capabilities + Reservoirs in harsher environments & more remote locations + Project size and complexity is increasing + Lack of established infrastructure ... power generation + Buying preference toward productive solutions ... simpler supply chain to gain lowest cost per barrel + Significant pipeline of identifiable projects to be developed Africa subcontinental -onshore - Remote area - Limited infrastructure ... investment beyond E&P - Lack of local work force West Africa -offshore - Stranded gas ... monetization during field development - Ultra-deepwaterwells - Connection to onshore power plants Brazil -offshore - Complex, multi-prospect discovery - Early production system during reservoir evaluation - Concept hinges on FPSO Examples Unique offering ... Newco + GE Store, capabilities from molecule to megawatt |
23 Winning in Digital 5 GE Store Digital capabilities Oil & Gas applications MACHINE & EQUIPMENTHEALTH SecurelyConnectEquipment HighProbabilityof Detection Data-RichActionableInsights RELIABILITYMANAGEMENT Collaboration ConfidenceAround BestOutcomes IdentifyEmergingProblems MAINTENANCEOPTIMIZATION BalancePerformance& Reliability OptimizeMaintenance MaintenanceStrategy Digital Thread Becoming the Digital Industrial standard within the industry ... driving integrated customer outcomes Oil & Gas Ecosystem + Physics Analytics Applications Asset Performance Management Brilliant Factory Intelligent Environments Operations & Process Optimization Production Optimization From molecule to power generation The power data coming to O&G to drive improved customer outcomes Digital Twin |
24 Financial outlook Proformafinancials ~$14 ~$28 ~$34 2H'17F '18F '20F ($ in billions) Value creation for investors Revenue ~$24-a) (a-Based on '17F analyst consensus Assumptions ~8% ~18% ~23% EBITDA% ~$0.5B ~$1.7B ~$3.6B FCF o Assume $45-60/bbloil price through 2019; slow recovery to $60 in 2019 o ~$1.2B cost synergies by '20 ... ~4.5% of cost o ~$0.4B revenue synergies by '20 ... +1% share o No additional debt for Baker Hughes o Baker Hughes ~60% of '14 peak EBITDA in '20 + Creating an unparalleled fullstream digital industrial service company for the industry + Brings together two leading industry players with deep history of technical innovation + Capability to provide integrated solutions for customers + Best-in class physical & digital technology ... supported by the GE Store + Robust synergy opportunities + Better positioned to navigate cycles + Significant value creation opportunity for investors |
Impact for GE |
26 Deal valuation and funding Valuation GE cash outlay $7.4B Debt-funded iE $7.4B borrowing from GE Capital iK leveraging excess debt at no incremental cost to GE through i(Y)19 iE $7.4B is part of leverage capacity iE No GE rating impact GE contributes iK ,,I 100% of GE Oil & Gas ,,I $7.4B of cash 62.5% Baker Hughes contributes iK ,,I 100% of Baker Hughes Synergies NPV of synergies ~$13.7B ,,I BHI shareholders ~$5.1B ,,I GE shareholders ~$8.6B ($ in billions) 37.5% BHI/GE partnership |
27 GE earnings impact & valuation GE EPS impact ~$(.02) ~$.04 ~$.08 '17F '18F '20F o Expect mid-year 2017 close ... 2017 minimal synergies + purchase accounting o ~$1.6B of synergies by 2020 ... ~75% cost, ~25% revenue o Baker Hughes achieves ~60% of 2014 peak earnings in 2020 o Free cash flow conversion ~90% by 2020; incremental ~$1B FCF by 2019 EPS accretive in 2018 + long-term value creation Deal valuation IRR CFRR > 10% NPV of synergies EBITDA multiple-a) Synergized multiple-b) > 15% Yr. 5 $13.7B 11.0x 6.7x (a-BHI TEV in transaction / BHI 2018 consensus EBITDA (b-BHI TEV in transaction / (BHI 2018 consensus EBITDAplus run rate synergies) |
28 Capital allocation ,,I No change to capital allocation strategy + Sustain an attractive dividend iK yield > peers + GE Capital dividends through 2018 allocated to buyback + Continue organic investment in P&E, R&D, global, digital, pension + Disciplined M&A iK improve competitive position, returns >15% Capital allocation strategy unchanged ,,I Transaction funded within leverage capacity ,,I Plan to sell GE Water +Running process with potential buyers iK targeting mid-2017 close +Industry leader in technology, products, and services +Gain will fund restructuring & integration costs for BHI deal iK up to $1B excess gain to fund core GE restructuring |
29 + Creating an unparalleled fullstreamdigital industrial service company for the industry + Brings together two leading industry players with deep history of technical innovation + Capability to provide integrated solutions for customers + Best-in class physical & digital technology ... supported by the GE Store + Global reach with operations in ~120 countries + Provides for significant synergy opportunities + Better positioned to navigate industry cycles Baker Hughes, a GE company Molecule to megawatt ... significant value creation for investors |
30 GE is uniquely positioned Premium Industrial businesses +Essential... builds, powers, moves, cures +Valuable... foundation of GE Store Leadership in analytics & SW for assets Leadership in next generation manufacturing Leading today Tomorrow + New levels of productivity for GE, our customers & the world Baker Hughes, a GE Company + Builds leader in essential industry + Enhances digital capability + Leverages the GE Store Strategic value Financial value ~$.04 ~$.08 '18F '20F (GE EPS impact) |
Baker Hughes, a GE Company |