October 6th, 2010 – GE Energy today announced that it has signed a contract to acquire Dresser, Inc., a global energy infrastructure technology and service provider. The $3.0 billion deal is the latest in a series of acquisitions over the last 10 years that has helped grow GE’s energy business and deliver record profitability.
The addition of Dresser’s portfolio, which includes technologies for gas engines, control and relief valves, measurement, regulation, and control solutions for gas and fuel distribution, will expand GE’s core energy offerings and extend its reach into adjacent offerings for its energy and industrial customers around the world. The deal is subject to customary closing conditions.
View the full press release here
“Dresser is a great fit for the GE business model,” said John Krenicki, Vice Chairman of GE and President and CEO of GE Energy. In particular, Krenicki cited Dresser’s gas engine and pressure, relief and control valve technologies as complements to GE’s product and service offerings. View the full video interview below.
* Watch John Krenicki on CNBC’s Squawk on the Street
* Read what others are saying in The Wall Street Journal, The New York Times, Financial Times, Bnet, The Town Talk, BizTimes, The Dallas Morning News, and Bloomberg
Recent Major Announcements
The Dresser announcement is the latest in a series of significant actions in GE Energy’s business in the last 10 days…
27 September : GE and Harbin Electric form Joint Venture to Capture Growth Opportunities in the World’s Largest Wind Turbine Sales Territory
Related Coverage:
Business Week
Financial Times
Wall Street Journal
Related Coverage:
Bloomberg
CNET
4 October : GE Signs Nearly $700 Million Agreement for New, Highly Efficient Power Plant in Saudi Arabia
Related Coverage:
Bloomberg
Bloomberg
Reuters
… and GE Energy has a track record of successful acquisitions, including
Bently Nevada – Asset Condition Monitoring
GE Renewables – Wind Energy
Hydril – Pressure Control Designs
Jenbacher – Gas Engines
Nuovo Pignone – Oil & Gas
Vetco Gray – Onshore & Offshore Drilling & Production
About GE Energy
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company’s website at www.ge.com.
GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With nearly 85,000 global employees and 2009 revenues of $40 billion, GE Energy www.ge.com/energy is one of the world’s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy—GE Power & Water, GE Energy Services and GE Oil & Gas—work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
About Dresser, Inc.
With a world-class portfolio of energy infrastructure solutions and leading product brands, Dresser, Inc. is a recognized innovator in the global power and fuel industry. From oil and gas production and processing to power generation and fuel distribution, Dresser has been defining and leading energy markets for more than 130 years.
Learn more about Dresser, Inc.
More Information
GRC
GE Global Research has been the cornerstone of GE technology for more than 100 years, developing breakthrough innovations in areas such as medical imaging, energy generation technology, jet engines and lighting. GE Global Research is headquartered in Niskayuna, New York and has three other multidisciplinary facilities in Bangalore, India, Shanghai, China and Munich, Germany.
Learn more about the work of GE Global Research’s 2,800 technologists at Edison’s Desk.
Related Stories on GE Reports
- GE and Harbin Form JV for Wind Turbines in China
- Greenville Turbines Head to Saudi Arabia in $700 Million Deal
- More Energy stories on GE Reports
GE Energy Images
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Jenbacher
GE’s Jenbacher gas engine division is one of the world’s leading manufacturers of gas-fueled reciprocating engines, packaged generator sets and cogeneration units for power generation. |
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GE Oil & Gas
GE Oil and Gas provides advanced technology equipment and services across all segments of the global oil and gas industry, on land, offshore and subsea. We keep evolutionary innovation flowing to provide customer advantage. |
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GE Oil & Gas
PII Pipeline Solutions brings together the specialized skills, advanced technologies and field experience essential for a confident assessment of the present and future condition of a pipeline. |
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Measurement & Control
GE’s Measurement and Control Solutions business is a leading innovator in advanced measurement, sensor-based and inspection solutions that deliver accuracy, productivity and safety to customers in a wide range of industries, including oil & gas, power generation, aerospace, transportation and healthcare. The business is part of GE Energy Services and has more than 40 facilities in 25 countries worldwide. Sensing & Inspection Technologies is part of Measurement & Control Solutions, a division of GE Energy. |
