GE has closed its $3 billion acquisition of Dresser, Inc., a US based global energy infrastructure technology and service provider. The move significantly expands GE’s energy and industrial business worldwide and is the latest in a series of acquisitions over the last 10 years that have transformed GE’s global energy portfolio.
Dresser, based in Addison, Texas, has 6300 employees worldwide and delivers compression, flow technology, measurement and distribution infrastructure and services in more than 150 countries. The Dresser businesses will be integrated into GE’s Energy Services and Power & Water business units.
Dresser has a global franchise with 60 percent of its revenues coming from outside North America. The company is a leader in providing highly engineered infrastructure products and services for the energy industry. Its portfolio includes valves, actuators, meters, switches, regulators, piping products, natural gas-fueled engines for compression, retail fuel dispensers and associated retail point-of-sale systems and air and gas handling equipment.
GE has announced $5 billion in acquisitions within the energy business in the last few months. On January 13, 2011, the company announced that it has signed an agreement to acquire privately-held Lineage Power Holdings from The Gores Group. The deal will provide opportuities for GE Energy technology to be deployed in the $20 billion per year power conversion industry.
And on December 13, 2010, GE announced its intention to make an offer for 100 percent of Wellstream Holdings plc, a leading engineer and manufacturer of flexible pipeline products for oil and gas transportation in the subsea production industry. Finally, on October 1, 2010, GE purchased the assets of Calnetix Power Solutions, which specialises in waste heat recovery from industrial processes for electricity generation and also complements GE’s gas engine business.