Baker Hughes ( NASDAQ: BKR ) has set out a plan to reform its four business lines into two, in a bid to enhance profitability and grow. The two new segments will be Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). The plan should provide cost reductions of $150 million, the company said, and maximise shareholder value. "We have continuously looked to ensure Baker Hughes can operate in any environment and play a clear role in helping to address the Energy Trilemma – balancing energy security, sustainability, and affordability," said Baker Hughes chairman and CEO Lorenzo Simonelli. "Today, we are taking a deliberate next step in our strategic journey to transform and simplify our operations and position Baker Hughes for the future." The transformation will take place on October 1. "We do expect some roles to be eliminated to avoid duplication of responsibilities and simplifying our operations," said a Baker Hughes spokesperson.