Baker Hughes Agrees to Sell Unit: Baker...
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Baker Hughes Agrees to Sell Unit: Baker Hughes Inc. of Houston said it agreed to sell its diamond drill bit business to oil service company Dresser Industries of Dallas to comply with a Justice Department consent decree. Terms were not disclosed. Baker Hughes agreed to the sale to meet conditions of a decree in connection with Baker Hughes’ $550-million acquisition of Eastman Christensen Co. announced last month, said Baker Hughes vice president Isaac Kerridge. The diamond drill bit business had revenue of about $18 million in fiscal 1989.
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