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GE announced that it has signed a contract to acquire Dresser, Inc., a global energy infrastructure technology and service provider in a deal worth $3 billion.
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The addition of Dresser’s portfolio, which includes technologies for gas engines, control and relief valves, measurement, regulation and control solutions for gas and fuel distribution, will expand GE’s core energy offering and extend its reach into adjacent offerings for its energy and industrial customers around the world.
“Dresser is a great fit for the GE business model,” said 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.
“Our track record integrating previous acquisitions such as Nuovo Pignone, (Oil & Gas), Jenbacher (gas engines), Bently Nevada (conditioning and monitoring) and Enron Wind (renewable energy), gives us great confidence to build upon as we move forward with Dresser,” he added.
GE plans to build out solutions it offers to help customers effectively manage the pressure and relief flows in pipelines, processing plants and power generation facilities. Dresser’s capabilities combined with GE’s existing solutions will help to increase customer productivity and reduce operational costs.
Dresser President and CEO John Ryan said: “Joining the GE family will enhance our company’s capability to provide best-in-class energy technologies to a much broader segment of the energy sector.”
The deal is subject to customary closing conditions and is expected to close after receiving regulatory approval. Barclays Capital Inc. is the exclusive financial advisor to GE on the transaction.