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Siemens AG (OTCMKTS: SIEGY), Munich, Bavaria, has agreed to acquire Dresser-Rand Group Inc., (NYSE: DRC), Olean, NY, a global supplier of rotating equipment and aftermarket parts and services. The transaction is valued at approximately $7.6 billion, including the assumption of debt.
Siemens intends to operate Dresser-Rand as the company's oil and gas business, retaining the Dresser-Rand brand name and its executive leadership team. In addition, Siemens intends to maintain a significant presence in Houston, TX, which will be the headquarters location of the oil and gas business of Siemens.
"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. 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.