GE Oil & Gas has agreed to acquire Cameron’s Reciprocating Compression division for US$ 550 million.
Cameron’s Reciprocating Compressor division, which generated approximately US$ 355 million in 2012, provides reciprocating compression equipment and aftermarket parts and services for oil and gas production, gas processing, gas distribution and independent power industries. It employs approximately 900 and operates in 20 global locations.
‘This acquisition will benefit our employees, customers and GE shareholders alike,’ commented Lorenzo Simonelli, president and CEO of GE Oil & Gas.
‘Our increased strategic focus, the buoyant oil and gas sector and our track record in providing high quality support to customers combined with Cameron’s Reciprocating Compression division will position us for accelerated growth’.
The deal is expected to close later this year subject to regulatory approvals. Following this, the division will become part of GE’s recently formed Downstream Technology Solutions business.
Richard Stegall, president of Cameron’s Reciprocating Compression division said: ‘We are very excited at the prospect of joining GE Oil & Gas and the Downstream Technology Solutions business. Given our collective breadth of service offerings, the combination will greatly benefit both companies’ customers and employees. ‘We have achieved good growth over recent years, and we anticipate that this trajectory will continue with the support of GE Oil & Gas.’
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/21012014/ge_cameron_reciprocating_compressors80/