GE To Buy Wellstream, A&P Files Bankruptcy Plans
STEVE INSKEEP, host:
NPR's business news starts with General Electric going offshore.
(Soundbite of music)
INSKEEP: BP's disastrous oil well blowout in the Gulf of Mexico this year raised many questions about the future of offshore drilling. But General Electric sees a future and is making a new purchase. Today, GE says it is buying a British company that makes pipes for offshore drilling. The company is Wellstream Holdings, and GE is paying $1.3 billion. GE already has a substantial business in oil and gas drilling and says this deal will help the company capitalize on growth in Brazil, Africa and Asia.
DON GONYEA, host:
A company that was once a leading player in the supermarket industry has filed for Chapter 11 bankruptcy protection. The Great Atlantic & Pacific Tea Company - you know it as A&P - has been struggling for years with a heavy debt load, and stiff competition from discount chains like Walmart. A&P owns several grocery chains, including Pathmark. A&P is not shutting down. Despite the bankruptcy filing, A&P says its stores are fully stocked, and are open for business.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.