GE announced on Feb. 1 the successful closing of its $3 billion acquisition of Dresser, Inc., a global energy infrastructure technology and service provide.
The company points out that the acquisition significantly expands its offerings for energy and industrial customers worldwide. "GE and Dresser are a natural fit together. We share a commitment to technology and innovation and we have many common customers in the energy space," said John Krenicki CEO of GE Energy.
Dresser, based in Addison, Texas, has 6,300 employees worldwide and delivers compression, flow technology, measurement and distribution infrastructure and services. Sixty percent of the company's revenues are from outside of North America. Its portfolio includes valves, actuators, meters, switches, regulators, piping products, natural gas-fueled engines for compression, retail fuel dispensers and associated retail point-of-sale systems and air and gas handling equipment.
In the last few months GE has announced $5 billion in acquisitions within the energy business. In January the company announced that it has signed an agreement to acquire privately-held Lineage Power Holdings, Inc. The deal will open the door for GE Energy technology to be deployed in the $20 billion per year power conversion space. In addition, in December, GE announced its intention to make an offer for 100% of Wellstream Holdings plc, a leading engineer and manufacturer of high-quality flexible pipeline products for oil and gas transportation in the subsea production industry. Finally, in October GE purchased the assets of Calnetix Power Solutions, which expands GE's capabilities to recover waste heat from industrial processes for electricity generation and also complements its gas engine business.
