GE's Dresser Acquisition Complete
GE announced it’s US$3 billion acquisition of Dresser Inc. is complete. GE purchased the energy infrastructure technology and service provider from funds managed by Riverstone Holdings Llc, First Reserve Corp., Dresser management and other stockholders. Dresser’s business units will be integrated into GE’s Energy Services and Power & Water business units.
The acquisition of Dresser Inc. will expand GE’s portfolio for energy and industrial customers worldwide. Dresser, based in Addiston, Texas, U.S.A., has 6300 employees around the world and offers compression, flow technology, measurement and distribution infrastructure and services to more than 150 countries. Dresser’s portfolio includes valves, actuators, meters, switches, regulators, piping products, natural gas-fueled engines for compression, retail fuel dispensers and associated point-of-sale systems and air and gas handling equipment.
“GE and Dresser are a natural fit together. We share a commitment to technology and innovation and we have many common customers in the energy space,” said John Krenicki, vice chairman of GE and president and CEO of GE Energy. “We are building an integration strategy that will capitalize on both companies’ existing expertise and strengths. We highly value the new employees who have just joined GE. Their skills and experience were key factors in our decision to acquire this business.”
GE has been active in acquiring energy business recently, including an agreement last month to acquire Lineage Power Holdings Inc., a December announcement for the intent to make an offer for Wellstream Holdings and the purchase of Calnetix Power Solutions last October.
For more information: www.ge.com