Baker Hughes, in Transitional Times, Remains a Valued Partstat PartnerBy Michael Stratton
Partstat recently purchased Last Time Buy (LTB) inventory on behalf of GE Oil & Gas, subsidiary of General Electric.
With one agreement, GE Oil & Gas managed to preserve working capital for that quarter while saving significant administration costs, storage and handling costs, and distribution costs over a 10-month period.
As GE Oil & Gas completes its merger with oilfield service firm Baker Hughes, GE will continue to require the needs of supply chain partners like Partstat to negotiate necessary LTBs, cut unnecessary expenditures, and stay ahead of obsolescence.
“GE executives acknowledged a number of missteps in recent years,” reports CNBC. “The company misread aspects of the power market, leaving it with large inventories of equipment.”
On November 13th, 2017, GE Power CEO Russell Stokes outlined their goal to cut approximately $1 billion in structural costs. As these plans unfold and GE’s role in the energy world continues to evolve, Partstat’s Last Time Buy Solutions will be uniquely positioned to be a tremendous asset for them.
Partstat has proudly provided supply chain solutions for some of the largest companies in the world. Their tenured team of Supply Chain Strategists has expertise not just in LTBs, but in the management of the entire supply chain lifecycle.
Combining invaluable experience, cutting-edge technology, and forward-thinking innovation together with an infrastructure unmatched in the industry, Partstat is renowned for providing world-class customer service to businesses across the globe. Since 1991, they have preserved over $100 million in working capital.
With Baker Hughes, Partstat hopes to not just match the expectations they set with GE Oil & Gas, but far exceed them.