HOUSTON, July 28 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated(NYSE: BHI) announced today that it has signed a definitive agreement withAtlas Copco North America, Inc. to sell Baker Hughes Mining Tools, "BHMT",part of the Hughes Christensen division, to Atlas Copco. BHMT is a leadingmanufacturer of rotary drill bits used in the worldwide mining industry with2003 revenues of approximately $40 million. The closing of the transaction issubject to certain closing conditions and is expected to be completed in thethird quarter of 2004. The company intends to classify Baker Hughes MiningTools as a discontinued operation.
Commenting on the sale, James R. (Rod) Clark, Baker Hughes' president andchief operating officer said, "I believe that the customers and employees ofBaker Hughes Mining Tools will benefit from being part of an organizationdedicated to the mining industry."
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of thisrelease) contain forward-looking statements within the meaning of section 27Aof the Securities Act of 1933, as amended, and section 21E of the Securitiesand Exchange Acts of 1934, as amended. The words "would", "is expected to","intends", "believe", and similar expressions are intended to identifyforward-looking statements. The Company's expectations with regard to theimpact of this transaction are subject to various risk factors and conditionsthat could cause actual results to differ materially. The risk factorsinclude, but are not limited to, satisfaction of the closing conditions,consummation of the sale, material adverse changes in the mining business andother factors described in the Company's public reports field with theSecurities and Exchange Commission. The Company assumes no responsibility toupdate any of the information referenced in this news release.
Baker Hughes is a leading provider of drilling, formation evaluation,completion and production products and services to the worldwide oil and gasindustry.
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NOT INTENDED FOR BENEFICIAL HOLDERS
Contacts:
Gary R. Flaharty (713) 439-8039
H. Gene Shiels (713) 439-8822
SOURCE Baker Hughes Incorporated
CONTACT: Gary R. Flaharty, +1-713-439-8039, or H. Gene Shiels,
+1-713-439-8822, both of Baker Hughes Incorporated
Web site: http://www.bakerhughes.com
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