Dresser-Rand
Parent Siemens Energy | | |
| Website | Dresser-Rand.com | |
|---|---|---|
Dresser-Rand is an American engineering and manufacturing company owned by Siemens Energy. The company designs, manufactures, and services equipment used in the extraction of petroleum and natural gas.[1] The company was formed in 1986 as a joint venture of Dresser Industries and Ingersoll Rand.[2]
History
Ingersoll Rand
Ingersoll Rand's roots date back to 1871 when Simon Ingersoll formed the Ingersoll Rock Drill Company after patenting a steam-powered rock drill design.[3][4] The company merged with the Sergeant Drill Company in 1888 and became the Ingersoll-Sergeant Drill Company.[5] In 1905, the company merged with Rand Drill Company, which six years prior had begun manufacturing compressors in Painted Post, New York. The result was the Ingersoll Rand Company.[6]
Flowserve purchases Ingersoll-Dresser Pumps, a business unit of Ingersoll-Rand Co., for $775 million in the year 2000, creating the world’s second largest pump company. (https://www.flowserve.com/en/about-flowserve/company/history/)
Dresser Industries
The Dresser Clark Company, which was incorporated in 1956 as Dresser Industries, manufactured steam, diesel, and reciprocating engines as well as centrifugal compressors in Olean, and in a facility in Le Havre, France.[7][8]
In 1984, Dresser Industries acquired Turbodyne Corporation from the McGraw-Edison Company, which had previously purchased the Studebaker-Worthington Company in 1979.[9] In 1985, Dresser Industries acquired a 50% share of the Kongsberg Våpenfabrikk gas turbine division, the producer of the KG2, the world's first radial gas turbine.[8] The remaining 50% share of Kongsberg's gas turbine division was purchased by Dresser-Rand in 1989.[9]
Dresser-Rand
Dresser-Rand Company was formed in 1986 as an equally-owned joint venture between Dresser Industries and Ingersoll Rand.[2]
In September 1999, Dresser Industries merged with Halliburton Industries, and transferred its 51% ownership interest of Dresser-Rand Company to Halliburton.[10] Due to agreements made in the original venture, Dresser Industries, then a unit of Halliburton, was required to either purchase the remaining interest in Dresser-Rand Company or sell it to Ingersoll Rand.[11] In February 2000, the 51% ownership of Dresser-Rand Company was sold to Ingersoll Rand.[9]
On August 25, 2004, First Reserve Corporation, a private equity firm, entered into an equity purchase agreement with Ingersoll Rand to purchase the equity interests in Dresser-Rand Company for approximately $1.2 billion.[12] Following the purchase agreement, Dresser-Rand Group, Inc. was registered as corporation in the state of Delaware, and the acquisition closed on October 29, 2004. On August 4, 2005, First Reserve took Dresser-Rand Group, Inc. public through an IPO, selling at $21.00 per share.
In 2012, the company acquired Spanish engine supplier Grupo Guascor SL for $690 million,[13] as well as Synchrony, Inc.[14]
In September 2014, Siemens announced plans to acquire Dresser-Rand Group Inc for $7.6 billion in cash.[15][16] The deal was completed on June 30, 2015.[17]
Operations
Dresser-Rand products include turbo and
The company is headquartered in Houston, Texas[1][2][19] and has a presence in over 150 countries, including the United States, France, Spain, Germany, Norway, Brazil, India, Russia, Poland, Saudi Arabia, China, and the Netherlands.[19]
References
- ^ a b "Company Overview of Dresser-Rand Group Inc". Bloomberg. Retrieved 6 December 2017.
- ^ a b c d Clark, Bob (April 20, 2017). "25 Dresser-Rand jobs to leave Olean". Olean Times Herald. Retrieved 6 December 2017.
- ^ Mahmud, Arshad. "Simon Ingersoll". ASME.org. The American Society of Mechanical Engineers. Retrieved 6 December 2017.
- ^ "Daniel Russell - The Ingersoll Rock Drill". Manufacturer and Builder Magazine. July 1879. Retrieved 5 December 2017.
- ^ "Ingersoll Rand: Our Company History". Archived from the original on 13 January 2008. Retrieved 4 February 2013.
- ^ a b "History of Dresser-Rand: 1800 to 1920s". Retrieved 4 February 2013.
- ^ "History of Dresser-Rand: 1930s and 1940s". Retrieved 4 February 2013.
- ^ a b "History of Dresser-Rand: 1950s, 1960s, and 1970s". Retrieved 4 February 2013.
- ^ a b c "History of Dresser-Rand: 1980s, 1990s, and Early 2000s". Archived from the original on 23 January 2013. Retrieved 4 February 2013.
- ^ "Halliburton, Dresser merge". CNN Money. 26 February 1998. Retrieved 4 February 2013.
- ^ New York Times (13 August 1999). "Ingersoll-Rand Ending Dresser Partnership". The New York Times. Retrieved 4 February 2013.
- ^ "First Reserve to Acquire Energy Infrastructure Leader from Ingersoll-Rand for $1.2 Billion". 25 August 2004. Archived from the original on 24 October 2013. Retrieved 4 February 2013.
- ^ "Dresser-Rand buying Grupo Guascor". Houston Business Journal. March 4, 2011. Retrieved 6 December 2017.
- ^ Adams, Duncan (July 3, 2016). "Roanoke County entrepreneur studies mystery of missing Malaysian airliner". The Roanoke Times. Retrieved 6 December 2017.
- ^ Prodhan, Georgina; Burger, Ludwig (September 21, 2014). "Siemens splurges $7.6 billion on Dresser-Rand in U.S. shale market bet". Reuters. Retrieved 6 December 2017.
- ^ Gelles, David (September 21, 2014). "Siemens Agrees to Buy Dresser-Rand, an Oil Services Company, for $7.6 Billion". The New York Times. Retrieved 6 December 2017.
- ^ Pulsinelli, Olivia (December 22, 2015). "Dresser-Rand to close Houston facility, cut jobs". Houston Business Journal. Retrieved 6 December 2017.
- ^ "About Dresser-Rand". Dresser-Rand.com. Retrieved 6 December 2017.
- ^ a b "The Dresser-Rand Business Fact Sheet" (PDF). Dresser-Rand.com. Retrieved 6 December 2017.