GE To Buy Wellstream, A&P Files Bankruptcy Plans
STEVE INSKEEP, Host:
NPR's business news starts with General Electric going offshore.
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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 - has been struggling for years with a heavy debt load, and stiff competition from discount chains like Walmart. A owns several grocery chains, including Pathmark. A is not shutting down. Despite the bankruptcy filing, A says its stores are fully stocked, and are open for business.
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