GE To Acquire Cameron’s Reciprocating Compression Division
Deal to enhance GE’s distributed gas portfolio; expands servicing, manufacturing capabilities in gas production, processing and distribution sectors
GE Oil & Gas and Cameron, a Houston, Texas, U.S.A.-based provider of flow equipment, systems and services, have agreed to GE’s acquisition of Cameron’s Reciprocating Compression division for US$550 million.
Cameron said the division provides reciprocating compression equipment and aftermarket parts and services for oil and gas production, gas processing, gas distribution and independent power industries. It generated sales of approximately US$355 million in 2012, has approximately 900 employees and operates from 20 global locations.
After closing, Cameron’s Reciprocating Compression division will become part of GE’s Oil & Gas recently formed Downstream Technology Solutions business in order to better serve the US$11 billion downstream and distributed gas segments, the company said. The new business is designed to deliver products, services and packaged solutions for both the traditional downstream and the evolving unconventional oil and gas space.
The acquisition is expected to close later this year subject to regulatory approval.