Dresser-Rand Group
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| Subsidiary | |
| Industry | Manufacturing, Technical Services |
| Founded | 2004 (see history) |
| Headquarters | Houston, Texas, U.S. |
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Key people
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Paulo Ruiz (CEO) |
| Products | Compressors, turbines, diesel and gas engines, and other industrial equipment. |
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Number of employees
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Over 11,000 (2016) |
| Parent | Siemens AG |
| Website | Dresser-Rand.com |
The Dresser-Rand business, part of German Siemens AG Power and Gas (PG), is a leading supplier of mission-critical, high-speed rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. As part of the global Siemens family, the Dresser-Rand business offers an equipment portfolio that includes turbo and reciprocating compressors; steam turbines; industrial and aero-derivative gas turbines; high-speed engines; and modular power substations. With the world's largest installed base, one of the world's largest technical support and service center networks, and a presence in more than 150 countries worldwide, the Dresser-Rand business delivers local solutions and services on a global scale.
Dresser-Rand Company was formed on December 31, 1986, as an equally owned joint venture between Dresser Industries and Ingersoll Rand.
In September 1999, Dresser Industries merged with Halliburton Industries, and transferred its 51% ownership interest of Dresser-Rand Company to Halliburton. Due to agreements made in the original venture, Dresser Industries, then a unit of Halliburton, was required to either purchase the remaining interest in Dresser-Rand Company or sell it to Ingersoll Rand. In February 2000, the 51% ownership of Dresser-Rand Company was sold to Ingersoll Rand.
On August 25, 2004, First Reserve Corporation, a private equity firm, entered into an equity purchase agreement with Ingersoll Rand to purchase the equity interests in Dresser-Rand Company for approximately $1.2 billion. Following the purchase agreement, Dresser-Rand Group, Inc. was registered as corporation in the state of Delaware, and the acquisition closed on October 29, 2004. On August 4, 2005, less than one year after its acquisition, First Reserve took Dresser-Rand Group, Inc. public through an IPO, selling at $21.00 per share.
In September 2014 German conglomerate Siemens AG announced plans to acquire Dresser-Rand Group Inc for $7.6 billion. The EU Commission unconditionally approved Siemens' acquisition of Dresser-Rand, all regulatory approvals required to complete the transaction were obtained. On 30.06.2015 Siemens AG finished the acquisition of Dresser-Rand.
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Wikipedia