Baker Hughes to Sell EIMCO Subsidiary
|Tuesday, August 13, 2002
Baker Hughes Incorporated has signed a letter of intent to negotiate with Groupe Laperriere & Verreault (GL&V) of Montreal, Canada to conclude a definitive agreement for the sale of EIMCO Process Equipment, a division of its Process segment. Any sale would be subject to various conditions, including GL&V's satisfactory due diligence review of EIMCO's business, regulatory approvals, the negotiation and execution of a definitive sale agreement, purchaser's financing, and approval by both the Baker Hughes and GL&V boards of directors. The transaction is expected to close in the fourth quarter of 2002.