NPR logo

GE To Buy Wellstream, A&P Files Bankruptcy Plans

  • Download
  • <iframe src="https://www.npr.org/player/embed/132019827/132019841" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
GE To Buy Wellstream, A&P Files Bankruptcy Plans

Business

GE To Buy Wellstream, A&P Files Bankruptcy Plans

GE To Buy Wellstream, A&P Files Bankruptcy Plans

  • Download
  • <iframe src="https://www.npr.org/player/embed/132019827/132019841" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

General Electric announced it's buying a British company that makes pipes for offshore drilling. It's buying Wellstream Holdings for $1.3 billion. Meanwhile, A&P has filed for Chapter 11 bankruptcy protection. A&P says despite the filing, stores are fully stocked and open for business.

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.

Copyright © 2010 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

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.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.