HOUSTON, Aug 13, 2002 -- Baker Hughes
Incorporated (NYSE: BHI; PCX; EBS) announced today that it has signed a letter
of intent to negotiate with Groupe Laperriere & Verreault (GL&V) of Montreal,
Canada (Toronto: GLV.A, GLV.B) to conclude a definitive agreement for the sale
of EIMCO Process Equipment ("EIMCO"), 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.
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.
Gary R. Flaharty (713) 439-8039
Kyle J. Leak (713) 439-8042
SOURCE Baker Hughes Incorporated