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Siemens buys US oil and gas firm Dresser-Rand

22/09/2014 by

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The American firm makes oilfield equipment and, under the deal, it will become "the platform for oil and gas equipment solutions within Siemens."

The German firm said its $83-a-share bid had been unanimously supported by Dresser-Rand's board of directors.

Siemens is hopeful the transaction will be completed by next summer.

The acquisition is subject to approval by Dresser-Rand shareholders, as well as approval from regulators in Europe and the US.

The deal gives Siemens access to the US oil industry at a time when a drilling boom for oil in North America has led to higher demand for energy services and equipment.

Siemens - Europe's largest engineering company - "plans to operate Dresser-Rand as the company's oil and gas business retaining the Dresser-Rand brand name and its executive leadership team", a statement issued by Dresser-Rand says.

"In addition, Siemens intends to maintain a significant presence in Houston, which will be the headquarters location of the oil and gas business of Siemens."'Leveraging strengths'

In the statement, Lisa Davis, a member of the managing board of Siemens said: "Our aim is to become the leading rotating equipment and process system integrator for the oil and gas industry.

"Dresser-Rand has strong presence in oil and gas, a reputation for technology leadership and innovation, and a talented and experienced leadership team."

Dresser-Rand ranks among the world's largest suppliers of equipment to the global oil, gas, petrochemical and process industries.

This article has been extracted from http://www.bbc.co.uk/, please click on this link to read the article in full http://www.bbc.co.uk/news/business-29306017

Montash is a multi-award winning, global technology recruitment firm. Specialising in permanent and contract positions across mid-senior appointments which cover a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Energy Technologies, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.

With offices based in London, Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid-management in permanent and contract roles.

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