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
This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
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.