logo
Plus   Neg
Share
Email
Comment

GE To Acquire Cameron's Reciprocating Compression Division For $550 Mln

GE Oil & Gas (GE) Monday announced agreement to acquire the reciprocating compression division of Cameron International Corp. (CAM), a Houston-based provider of flow equipment, systems and services, for about $550 million.

The acquisition expands GE's distributed gas portfolio and shale capability and services expertise, and also complements GE's Oil & Gas' existing High-Speed Reciprocating business.

"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, " said Lorenzo Simonelli, president and CEO of GE Oil & Gas.

Cameron's Reciprocating Compression division provides reciprocating compression equipment and aftermarket parts and services for oil and gas production, gas processing, gas distribution and independent power industries. In 2012, the division generated sales of approximately $355 million.

Upon closing, the reciprocating compression division will become part of GE's Oil & Gas recently formed Downstream Technology Solutions business in order to better serve the $11 billion downstream and distributed gas segments.

The acquisition is expected to close later this year subject to regulatory approval.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After months of bickering, Aurora Cannabis and CanniMed Therapeutics are moving close to a game-changing merger in Canada's red-hot marijuana sector. The big hangup was Aurora's insistence that CanniMed not overpay for smaller rival NewStrike. However, Aurora in its urgency to get the deal done... Budweiser, which has been reigning as the 'king of beers' is now number 4 in sales in U.S. Budweiser lost to Miller Lite in 2017, according to Beer Marketer's Insights, the publication focused on beer industry statistics. Activist investor Bill Ackman's hedge fund Pershing Square Capital Management L.P. is cutting ten employees from its workforce, according to media reports, citing people with knowledge of the matter. The job cuts on Friday have reportedly brought the New York-based company's head count down to 46 and were mostly in the hedge fund's back-office and support staff.
comments powered by Disqus
Follow RTT