Dresser-Rand Closes Synchrony Acquisition
Dresser-Rand Group Inc., a global supplier of high-speed rotating equipment and service products, announced today that it closed the previously announced acquisition of Synchrony, Inc., for US$50 million net of cash acquired.
The agreement, which was signed on Dec. 7, 2011, includes the potential for additional consideration of up to a maximum of US$10 million tied to technical milestones and to business performance.
Synchrony is a technology development company with a portfolio of active magnetic bearings (AMB), high speed motors and generators, and power electronics for rotating machinery. A private company founded in 1993, Synchrony is headquartered in Roanoke County, Virginia, U.S.A., where it develops, manufactures and tests its products in an ISO 9001-certified facility that includes a model shop for rapid prototype fabrication and assembly.
For more information: www.dresser-rand.com