Baker Hughes realigns IET segment into 5 product lines; creates Climate Technology Solutions

Baker Hughes Co

New IET product lines effective Oct 1, 2023: Gas Technology Equipment (incl. Pumps), Gas Technology Services, Industrial Solutions, Industrial Products, and new Climate Technology Solutions (CTS).
CTS combines CCUS, hydrogen, clean power, and emissions abatement capabilities; 3Q23 revenue $63M, orders $49M.
Historical segment data recast for FY2021-2022 and Q1-Q3 2023 to reflect new alignment; Nexus Controls sold April 2023.
Management expects new structure to be reflected in disclosures starting Q4 2023.

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