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Baker Hughes, the world's third-largest oilfield services company, said on Tuesday that Baker Hughes will simplify its organizational structure from October 1, reducing its business units from 4 to 2
Baker Hughes also said the simplification of the organizational structure is expected to save at least $150 million in costs
The Houston, Texas-based oil services company said it would merge its oilfield services and oilfield equipment divisions into its oilfield services and equipment divisions
By merging its Turbomachinery and Process Solutions and Digital Solutions businesses, Baker Hughes will also form an Industrial and Energy Technologies division