$7.6B Deal Will Make Dresser-Rand ‘The Oil & Gas’ Company in Siemens with HQ in Houston
Jane Alexander | September 26, 2014
The definitive agreement that Siemens signed with Dresser-Rand Group Inc. (Dresser-Rand) earlier this week is clearly aimed at meeting the increasing demand of the booming oil & gas sector. Terms of the agreement call for Siemens to acquire the Houston, TX- and Paris, France-based supplier of rotating equipment and aftermarket parts and services in a transaction valued at approximately $7.6 billion. The deal is expected to close by summer 2015.
Speaking of the planned acquisition, Joe Kaeser, President and CEO of Siemens AG, noted, “As the premium brand in the global energy infrastructure markets, Dresser-Rand is a perfect fit for the Siemens portfolio. The combined activities will create a world-class provider for the growing oil & gas markets. With this, Dresser-Rand will become ‘The oil and gas’ company within Siemens and fit right into our Siemens Vision 2020.”
Siemens intends to retain the Dresser-Rand brand name and executive leadership team. It also intends to maintain a significant presence in Houston, which will be the headquarters of the Siemens oil & gas business.
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