Company Overview - Baker Hughes is an energy technology company with a portfolio that spans the energy and industrial value chain, operating in two segments: oilfield services and equipment (OFSE) and industrial and energy technology (IET) [1][5] - The OFSE segment provides products and services for oilfield operations throughout the lifecycle of a well, while the IET segment focuses on technology solutions for mechanical-drive, compression, and power-generation applications [1][5] Financial Performance - Baker Hughes has delivered strong returns over the past 1, 3, and 5 years, with share price increases of 28.26%, 75.29%, and 232.98% respectively [6] - The IET unit is projected to contribute 55% of revenue and 60% of EBITDA in 2025, while the OFSE unit is expected to account for 45% of revenue and 40% of EBITDA [5] Market Position and Growth Opportunities - Baker Hughes holds a leading position in the LNG market, with a 95% global footprint for turbomachinery required in plant construction, which is expected to grow at a 10% compound annual growth rate through 2030 [6] - The company has seen significant growth in data center orders, increasing from $0 to $550 million in just two quarters, and is investing in larger-scale power systems to support mega-data center deployments [7] Strategic Initiatives - The pending acquisition of Chart Industries is expected to strengthen Baker's position in power, LNG, and industrial sectors, with IET approaching a 20% EBITDA margin [8] - Management has taken steps to improve the earnings mix of the OFSE segment and reduce exposure to commodity volatility by focusing on international markets and implementing pricing discipline [9] Valuation and Activist Involvement - Baker Hughes is currently valued at about 9x EBITDA, which is lower than its industrial and energy technology peers, suggesting potential for valuation improvement [10] - Ananym Capital Management has taken a position in Baker Hughes and is advocating for the spin-off of the OFSE segment, believing it could lead to a 60% increase in stock price [3][11]

Core Viewpoint - Marks & Spencer (M&S) has launched RE:Spark, a supply chain decarbonization program in partnership with Schneider Electric, aimed at accelerating renewable electricity adoption across its global supply chain as part of its Plan A sustainability strategy to achieve net zero emissions by 2040 [1][2]. Group 1: Program Overview - RE:Spark is designed to facilitate change across M&S's supply chain, focusing initially on high-impact regions within its fashion supply chain, with plans for expansion over the next three years [2]. - The program aims to provide support and resources to suppliers, helping them build networks and resilience for long-term sustainability [3]. Group 2: Strategic Initiatives - A digital hub powered by Schneider Electric's Zeigo Hub will be launched, allowing suppliers to submit emissions data, track decarbonization efforts, and access specialized learning resources [5]. - M&S will host regional market briefs and webinars to educate suppliers on renewable electricity procurement in five key regions: Vietnam, Turkey, India, China, and Bangladesh [5]. - Strategic advisory services will be provided to help suppliers assess and implement clean energy solutions, including onsite solar, energy attribute certificates, green tariffs, and power purchase agreements (PPAs) [5]. - The program will enable suppliers to aggregate demand for PPAs, allowing smaller suppliers to participate in multi-buyer cohorts and access renewable electricity at scale [5].