logo
Share SHARE
FONT-SIZE Plus   Neg

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
Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks. Meredith Corp. is reportedly in talks for the acquisition of Time Inc, with a staunch support from billionaire brothers Charles and David Koch. Des Moines-based Meredith is the publisher of Family Circle and Better Homes and Gardens and aims to acquire the publisher of Time, People and Fortune Magazines.
comments powered by Disqus
Follow RTT