MUNICH, Germany –Siemens has agreed to acquire Dresser-Rand (NYSE:DRC) for $7.6 billion. The friendly takeover bid is supported by Dresser-Rand’s board of directors, according to Siemens. The transaction is expected to close by next summer.
“Given the vision Siemens has for Dresser-Rand as its oil & gas company, and its expressed wishes to build Dresser-Rand’s product and service portfolio with some of the existing Siemens offerings that have previously been marketed separately into the oil & gas space, it is clear that this is a transaction that should create value for clients, as well as for both sets of shareholders, that would not have otherwise been achieved had Dresser-Rand not become part of the Siemens group,” said Vincent R. Volpe Jr. CEO and president of Dresser-Rand.
“Our intention is to leverage these strengths by maintaining the existing company and brand name and selectively moving complementary products and services from the existing Siemens portfolio into Dresser-Rand enabling us to offer a much broader range of products, services and solutions to meet our customers’ needs,” said Lisa Davis, member of the Managing Board of Siemens AG.