GE snaps up Dresser for a cool $3 billion
GE has purchased Dresser, Inc. for $3 billion. The deal includes all of the Dresser businesses, which provide products and services for compression, flow technology, measurement and distribution infrastructure for customers in more than 150 countries. Dresser’s extensive, global-installed base of products generate aftermarket service revenues in excess of 40% of total revenues.
“Joining the GE family will enhance our company’s capability to provide best-in-class energy technologies to a much broader segment of the energy sector," said Dresser President and CEO John Ryan. "Our employees have worked hard to build a world-class reputation and we are confident that our tradition of putting the customer first will continue to be the standard. Today’s announcement marks the beginning of a great opportunity for our customers and employees as we put these two 100+ year old companies together and create new paths for growth and innovation.”
GE’s energy business provides a comprehensive range of solutions across the energy value chain, from supply and conversion to delivery, utilization and services.
“Dresser is a great fit for the GE business model, “said John Krenicki, president and CEO of GE Energy. “Dresser has a global franchise and brand with 60% of revenues outside of North America which will be accelerated by GE’s global footprint. Through the acquisition we will bring to bear our focus on research and development to Dresser’s highly-engineered custom solutions and create an opportunity for Dresser’s 6,300 talented employees to dramatically expand their businesses.”
Morgan Stanley acted as exclusive financial advisor to Dresser on this transaction.
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