In a press release today, Siemens AG announced the intent by agreement to purchase all shares of issued and outstanding stock of Dresser-Rand at approximately $7.6 Billion USD. Based out of Houston Texas, USA, Dresser-Rand specializes in compressors and turbo machinery in the oil an gas industry. The company plans to maintain the ‘Dresser-Rand’ name and plug them into their Vision 2010 plans as their ‘Oil and Gas’ company, strengthening their turbo compressor and large steam turbine capabilities among many other strengths that Dresser-Rand brings to the table.
“Our aim is to become the leading rotating equipment and process system integrator for the oil & gas industry. Dresser-Rand has strong presence in oil and gas, a reputation for technology leadership and innovation, and a talented and experienced leadership team. Our intention is to leverage these strengths by maintaining the existing company and brand name and selectively moving complementary products and services from the existing Siemens portfolio into Dresser-Rand enabling us to offer a much broader range of products, services and solutions to meet our customers’ needs,” said Lisa Davis, member of the Managing Board of Siemens AG. (per Press Release)
This transaction is expected to benefit Siemens AG by at least 150 million Euro annually by 2019.
Information shown herein was sourced from the press release above. Image shown courtesy of Dresser-Rand.