Baker Hughes Announces Closing of EIMCO Sale

HOUSTON, Nov. 12 /PRNewswire-FirstCall/ -- Baker Hughes Incorporated (NYSE: BHI; PCX; EBS) announced today that it has successfully completed the sale of EIMCO Process Equipment, a division of its Process segment, to Groupe Laperriere & Verreault of Montreal, Canada (Toronto: GLV.A, GLV.B). The company received total proceeds of approximately $48.9 million, of which approximately $4.9 million are held in escrow pending completion of final adjustments to the purchase price.

Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.

NOT INTENDED FOR BENEFICIAL HOLDERS.


Contact:
Gary R. Flaharty (713) 439-8039
gary.flaharty@bakerhughes.com
Kyle J. Leak (713) 439-8042
kyle.leak@bakerhughes.com
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SOURCE Baker Hughes Incorporated

-0- 11/12/2002

/CONTACT: Gary R. Flaharty, +1-713-439-8039, or gary.flaharty@bakerhughes.com , or Kyle J. Leak, +1-713-439-8042, or kyle.leak@bakerhughes.com , both of Baker Hughes Incorporated/