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Siemens-owned engineering and manufacturing company From Wikipedia, the free encyclopedia
Dresser-Rand is an American engineering and manufacturing company owned by Siemens Energy. The company designs, manufactures, and services equipment used in the extraction of petroleum and natural gas.[1] The company was formed in 1986 as a joint venture of Dresser Industries and Ingersoll Rand.[2]
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Company type | Subsidiary |
---|---|
Industry | Manufacturing, Technical Services |
Founded | 2004 (see history) |
Fate | Acquired by the Siemens |
Headquarters | Houston, Texas, U.S. |
Key people | Paulo Ruiz (CEO) |
Products | Compressors, turbines, diesel and gas engines, and other industrial equipment. |
Number of employees | Over 11,000 (2016) |
Parent | Siemens Energy |
Website | Dresser-Rand.com |
Ingersoll Rand's roots date back to 1871 when Simon Ingersoll formed the Ingersoll Rock Drill Company after patenting a steam-powered rock drill design.[3][4] The company merged with the Sergeant Drill Company in 1888 and became the Ingersoll-Sergeant Drill Company.[5] In 1905, the company merged with Rand Drill Company, which six years prior had begun manufacturing compressors in Painted Post, New York. The result was the Ingersoll Rand Company.[6]
In 2000, Flowserve purchased Ingersoll-Dresser Pumps, a business unit of Ingersoll-Rand, for $775 million, creating the world’s second largest pump company.[7]
Dresser Industries was created from the 1938 merger of the Solomon R. Dresser Company (founded in Bradford, Pennsylvania) and the Clark Brothers Company (founded in 1880 in Belmont, New York; moved to Olean, New York in 1912).[2][6]
The Dresser Clark Company, which was incorporated in 1956 as Dresser Industries, manufactured steam, diesel, and reciprocating engines as well as centrifugal compressors in Olean, and in a facility in Le Havre, France.[8][9]
In 1984, Dresser Industries acquired Turbodyne Corporation from the McGraw-Edison Company, which had previously purchased the Studebaker-Worthington Company in 1979.[10] In 1985, Dresser Industries acquired a 50% share of the Kongsberg Våpenfabrikk gas turbine division, the producer of the KG2, the world's first radial gas turbine.[9] The remaining 50% share of Kongsberg's gas turbine division was purchased by Dresser-Rand in 1989.[10]
Dresser-Rand Company was formed in 1986 as an equally-owned joint venture between Dresser Industries and Ingersoll Rand.[2]
In September 1999, Dresser Industries merged with Halliburton Industries, and transferred its 51% ownership interest of Dresser-Rand Company to Halliburton.[11] Due to agreements made in the original venture, Dresser Industries, then a unit of Halliburton, was required to either purchase the remaining interest in Dresser-Rand Company or sell it to Ingersoll Rand.[12] In February 2000, the 51% ownership of Dresser-Rand Company was sold to Ingersoll Rand.[10]
On August 25, 2004, First Reserve Corporation, a private equity firm, entered into an equity purchase agreement with Ingersoll Rand to purchase the equity interests in Dresser-Rand Company for approximately $1.2 billion.[13] Following the purchase agreement, Dresser-Rand Group, Inc. was registered as corporation in the state of Delaware, and the acquisition closed on October 29, 2004. On August 4, 2005, First Reserve took Dresser-Rand Group, Inc. public through an IPO, selling at $21.00 per share.
In 2012, the company acquired Spanish engine supplier Grupo Guascor SL for $690 million,[14] as well as Synchrony, Inc.[15]
In September 2014, Siemens announced plans to acquire Dresser-Rand Group Inc for $7.6 billion in cash.[16][17] The deal was completed on June 30, 2015.[18]
Dresser-Rand products include turbo and reciprocating compressors, steam turbines, industrial and aero-derivative gas turbines, high-speed engines, and modular power substations.[19]
The company is headquartered in Houston, Texas[1][2][20] and has a presence in over 150 countries, including the United States, France, Spain, Germany, Norway, Brazil, India, Russia, Poland, Saudi Arabia, China, and the Netherlands.[20]
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