On October 31, GE announced a proposed combination of its Oil & Gas business with Baker Hughes. At the same time, GE announced plans to sell its Water & Process Technologies business.

According to GE's press briefing, GE is running the process with potential buyers and anticipates a mid-2017 close. The gains from the sale will fund restructuring and integration costs for Baker Hughes deal, up to $1 billion excess gain to fund core GE restructuring.

According to a statement on its website, the plan to divest the water business is a strategic decision that provides an opportunity to reposition the business for growth and further invest for long-term success. GE Water & Process Technologies will operate business as usual through the process and will continue to meet its commitments to its valued customers and employees.