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
Xiaomi Corp., nicknamed the "Apple of China" is planning to launch laptops, a report by Bloomberg said. The Chinese brand has been pausing a direct challenge to major smart phone brands in Asian markets in the recent years. It has planned to win over China, India and Brazil markets those together would account for one third of the worldwide sales. Value-priced fashion apparel and accessories retailer Cato Corp. (CATO) Thursday announced a four percent increase in comparable store sales for August. Sales were for the four week period was up five percent to $67 percent from $63.6 million last year. For the thirty weeks ended August 29, the... Simple, uncluttered, colorful and friendly. That's how Google describes its new logo. The new typeface is sans-serif and without any shadow or embossing, unlike its earlier logos. It has given blue, red, yellow and green to its letters. The "e" is slightly tilted and stylized. On its browser tabs, it has replaced the lower case blue colored "g" with an upper case "G" in four colors.
comments powered by Disqus
Follow RTT