Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade GE now with 

GE Oil & Gas (GE: Quote) Monday announced agreement to acquire the reciprocating compression division of Cameron International Corp. (CAM: Quote), 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.

Register
To receive FREE breaking news email alerts for General Electric Co and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Specialty drugmaker Horizon Pharma plc (HZNP) on Friday managed to redomicile itself as an entity incorporated in Ireland following the completion of its $660 million acquisition of Vidara Therapeutics International plc. The deal will help it avoid paying the high rate of U.S. corporate taxes. The... Stocks showed a lack of direction over the course of the trading day on Friday after failing to sustain an initial upward move. Despite the choppy trading, the Dow once again managed to end the session at a new record closing high. The major averages turned in a mixed performance on the day. President Barack Obama delivered a statement Thursday evening thanking members of Congress for voting to approve legislation granting the U.S. military the authority to train and arm moderate Syrian rebels fighting against the terrorist group known as the Islamic State.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.