ATLANTA, Georgia – GE has acquired Dresser, Inc. for $3 billion.
“Dresser is a great fit for the GE business model,” says John Krenicki, vice chairman of GE and president and CEO of GE Energy. “Dresser’s technology complements our existing gas engine portfolio and adds offerings complementary to those of GE in the $45 billion flow technology industry, including product offerings in the highly engineered valve segment.”
GE says Dresser’s gas engines will give it low-emissions, fuel-flexible mechanical-drive technology that can be applied to the small-scale compression segment of the oil and gas sector.
Dresser also will further the development of GE Energy’s monitoring, diagnostics, and performance optimization offerings. Dresser’s pressure relief and control valve technologies will be complemented by GE’s domain expertise, which will create opportunities to bring additional technology and applications to Dresser’s offerings. GE plans to build out solutions to manage the pressure and relief flows in pipelines, processing plants and power generation facilities.
Dresser operates in more than 100 countries, delivering compression, flow technology, measurement, and distribution infrastructure and services to customers in more than 150 countries. Dresser had revenues of $2 billion and earnings of $318 million in 2009.