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Siemens buys US oil and gas firm Dresser-Rand | |
(about 1 hour later) | |
Siemens is buying US firm Dresser-Rand in a $7.6bn (£4.6bn) deal which will help the German conglomerate boost its oil and gas business in North America. | |
The American firm makes oilfield equipment and, under the deal, it will become "the platform for oil and gas equipment solutions within Siemens". | |
The German firm said its $83-a-share bid had been unanimously supported by Dresser-Rand's board of directors. | |
Siemens is hopeful the transaction will be completed by next summer. | |
The acquisition is subject to approval by Dresser-Rand shareholders, as well as approval from regulators in Europe and the US. | |
The deal gives Siemens access to the US oil industry at a time when a drilling boom for oil in North America has led to higher demand for energy services and equipment. | The deal gives Siemens access to the US oil industry at a time when a drilling boom for oil in North America has led to higher demand for energy services and equipment. |
Siemens - Europe's largest engineering company - "plans to operate Dresser-Rand as the company's oil and gas business retaining the Dresser-Rand brand name and its executive leadership team", a statement issued by Dresser-Rand says. | Siemens - Europe's largest engineering company - "plans to operate Dresser-Rand as the company's oil and gas business retaining the Dresser-Rand brand name and its executive leadership team", a statement issued by Dresser-Rand says. |
"In addition, Siemens intends to maintain a significant presence in Houston, which will be the headquarters location of the oil and gas business of Siemens." | "In addition, Siemens intends to maintain a significant presence in Houston, which will be the headquarters location of the oil and gas business of Siemens." |
'Leveraging strengths' | 'Leveraging strengths' |
In the statement, Lisa Davis, a member of the managing board of Siemens said: "Our aim is to become the leading rotating equipment and process system integrator for the oil and gas industry. | |
"Dresser-Rand has strong presence in oil and gas, a reputation for technology leadership and innovation, and a talented and experienced leadership team." | |
Dresser-Rand ranks among the world's largest suppliers of equipment to the global oil, gas, petrochemical and process industries. | |
The Houston-based firm has manufacturing facilities in France, United Kingdom, Spain, India and Brazil, as well as the US. | The Houston-based firm has manufacturing facilities in France, United Kingdom, Spain, India and Brazil, as well as the US. |
Siemens is best known for its work in electronics and electrical engineering, and it also has operations in the energy and healthcare industries. |
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