GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes’ experience in drilling services, chemicals and tools.
Less than a year later, GE is bailing out of the deal, the firm announced Tuesday, planning to sell its 63 percent stake in the combined firm over time as part of a larger move to simplify its business and reduce debt.
The retreat comes amid slipping market share, management missteps and culture clashes that have unsettled employees and frustrated suppliers and customers, according to data reviewed by Reuters and interviews with more than 30 employees, former employees, recruiters, analysts, suppliers and customers.
via The culture clash behind GE’s quick exit from Baker Hughes stake | Reuters
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