You are here

Siemen’s acquires Dresser-Rand in USD 7.6bn take-over deal

22nd September 2014

Siemen AG, the German industrial conglomerate, has acquired Dresser-Rand, the US oilfield equipment manufacturer, in a USD 7.6bn take-over in a bid to grow its presence in the global oil and gas industry

Siemen’s acquires Dresser-Rand in USD 7.6bn take-over deal
“Our aim is to become the leading rotating equipment and process system integrator for the oil and gas industry,” said Lisa Davis, member of the managing board of Siemens AG

“As the premium brand in the global energy infrastructure markets, Dresser-Rand is a perfect fit for the Siemens portfolio,” said Joe Kaeser, president and CEO of Siemens AG. "The combined activities will create a world- class provider for the growing oil and gas markets. With this, Dresser-Rand will  become ‘The oil and gas’ company within Siemens and fit right into our Siemens Vision 2020."

In the agreement, Siemens will acquire all of the issued and outstanding common shares of Dresser-Rand by way of a friendly takeover bid.

Siemens’ bid is unanimously supported by Dresser-Rand’s board of directors.

The offer price is USD 83 per common share in cash, or a total transaction value of approximately USD 7.6bn.

“Our aim is to become the leading rotating equipment and process system integrator for the oil and gas industry,” said Lisa Davis, member of the managing board of Siemens AG. "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."

Got a news tip? Email news@oilandgastechnology.net