Dresser-Rand
{{short description|Siemens-owned engineering and manufacturing company}}
{{update|date=August 2024}}
{{Infobox company
| name = Dresser-Rand Group, Inc.
| logo = File:Dr-siemens-logo.svg
| type = Subsidiary
| fate = Acquired by the Siemens
| foundation = 2004 (see history)
| location = Houston, Texas, U.S.
| key_people = Paulo Ruiz (CEO)
| num_employees = Over 11,000 (2016)
| parent = Siemens Energy
| industry = Manufacturing, Technical Services
| products = Compressors, turbines, diesel and gas engines, and other industrial equipment.
| subsid =
| homepage = [http://www.dresser-rand.com 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.{{cite web|title=Company Overview of Dresser-Rand Group Inc.|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=20496676|publisher=Bloomberg|accessdate=6 December 2017}} The company was formed in 1986 as a joint venture of Dresser Industries and Ingersoll Rand.{{cite news|last1=Clark|first1=Bob|title=25 Dresser-Rand jobs to leave Olean|url=http://www.oleantimesherald.com/news/dresser-rand-jobs-to-leave-olean/article_586bb93e-258b-11e7-8510-37eb9131fcab.html|accessdate=6 December 2017|work=Olean Times Herald|date=April 20, 2017}}
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.{{cite web|last1=Mahmud|first1=Arshad|title=Simon Ingersoll|url=https://www.asme.org/engineering-topics/articles/construction-and-building/simon-ingersoll|website=ASME.org|publisher=The American Society of Mechanical Engineers|accessdate=6 December 2017}}{{Cite news|url=http://www.mindat.org/article.php/227/The+Ingersoll+Rock+Drill+%282%29+1879|title=Daniel Russell - The Ingersoll Rock Drill|publisher=Manufacturer and Builder Magazine|date = July 1879|accessdate = 5 December 2017}} The company merged with the Sergeant Drill Company in 1888 and became the Ingersoll-Sergeant Drill Company.{{cite web|title=Ingersoll Rand: Our Company History|url=http://company.ingersollrand.com/aboutus/Pages/History.aspx|accessdate=4 February 2013|archive-url=https://web.archive.org/web/20080113044352/http://company.ingersollrand.com/aboutus/Pages/History.aspx|archive-date=13 January 2008|url-status=dead}} 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.
In 2000, Flowserve purchased Ingersoll-Dresser Pumps, a business unit of Ingersoll-Rand, for $775 million, creating the world’s second largest pump company.{{Cite web |title=History|url=https://www.flowserve.com/en/about-flowserve/company/history/ |access-date=2024-06-26 |website=www.flowserve.com |language=en}}
=Dresser Industries=
Dresser Industries was created from the 1938 merger of the Solomon R. Dresser Company (founded in Bradford, Pennsylvania) and the Clark Brothers Company (founded in 1880 in Belmont, New York; moved to Olean, New York in 1912).{{cite web|title=History of Dresser-Rand: 1800 to 1920s|url=http://www.dresser-rand.com/company/history/1800_1920.php|accessdate=4 February 2013}}
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.{{cite web|title=History of Dresser-Rand: 1930s and 1940s|url=http://www.dresser-rand.com/company/history/1930_1940.php|accessdate=4 February 2013}}{{cite web|title=History of Dresser-Rand: 1950s, 1960s, and 1970s|url=http://www.dresser-rand.com/company/history/1950_1970.php|accessdate=4 February 2013}}
In 1984, Dresser Industries acquired Turbodyne Corporation from the McGraw-Edison Company, which had previously purchased the Studebaker-Worthington Company in 1979. 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. The remaining 50% share of Kongsberg's gas turbine division was purchased by Dresser-Rand in 1989.
=Dresser-Rand=
Dresser-Rand Company was formed in 1986 as an equally-owned joint venture between Dresser Industries and Ingersoll Rand.
In September 1999, Dresser Industries merged with Halliburton Industries, and transferred its 51% ownership interest of Dresser-Rand Company to Halliburton.{{cite news|publisher=CNN Money|title=Halliburton, Dresser merge
|url=https://money.cnn.com/1998/02/26/deals/halliburton/|accessdate=4 February 2013|date=26 February 1998}} 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.{{cite news|last=New York Times|title=Ingersoll-Rand Ending Dresser Partnership|url=https://www.nytimes.com/1999/08/13/business/ingersoll-rand-ending-dresser-partnership.html|accessdate=4 February 2013|date=13 August 1999|work=The New York Times}} In February 2000, the 51% ownership of Dresser-Rand Company was sold to Ingersoll Rand.{{cite web|title=History of Dresser-Rand: 1980s, 1990s, and Early 2000s|url=http://www.dresser-rand.com/company/history/1980_1990.php|accessdate=4 February 2013|archive-url=https://web.archive.org/web/20130123173415/http://dresser-rand.com/company/history/1980_1990.php|archive-date=23 January 2013|url-status=dead}}
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.{{cite web|title=First Reserve to Acquire Energy Infrastructure Leader from Ingersoll-Rand for $1.2 Billion|url=http://firstreserve.com/go.asp?Go=!SiteStation&x=TPLGen&ResType=Page&ResID=1929&TPL=NewsPageTemplate.htm|archive-url=https://archive.today/20131024001840/http://firstreserve.com/go.asp?Go=!SiteStation&x=TPLGen&ResType=Page&ResID=1929&TPL=NewsPageTemplate.htm|url-status=dead|archive-date=24 October 2013|date=25 August 2004|accessdate=4 February 2013}} 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,{{cite news|title=Dresser-Rand buying Grupo Guascor|url=https://www.bizjournals.com/houston/news/2011/03/04/dresser-rand-buying-grupo-guascor.html|accessdate=6 December 2017|work=Houston Business Journal|date=March 4, 2011}} as well as Synchrony, Inc.{{cite news|last1=Adams|first1=Duncan|title=Roanoke County entrepreneur studies mystery of missing Malaysian airliner|url=http://www.roanoke.com/business/news/roanoke-county-entrepreneur-studies-mystery-of-missing-malaysian-airliner/article_8a45a9e7-61f7-50c5-a890-ce2f2ed7f671.html|accessdate=6 December 2017|work=The Roanoke Times|date=July 3, 2016}}
In September 2014, Siemens announced plans to acquire Dresser-Rand Group Inc for $7.6 billion in cash.{{cite news|last1=Prodhan|first1=Georgina|last2=Burger|first2=Ludwig|title=Siemens splurges $7.6 billion on Dresser-Rand in U.S. shale market bet|url=https://www.reuters.com/article/us-siemens-dresser-rand-grp/siemens-splurges-7-6-billion-on-dresser-rand-in-u-s-shale-market-bet-idUSKBN0HH01320140922|accessdate=6 December 2017|work=Reuters|date=September 21, 2014}}{{cite news|last1=Gelles|first1=David|title=Siemens Agrees to Buy Dresser-Rand, an Oil Services Company, for $7.6 Billion|url=https://dealbook.nytimes.com/2014/09/21/siemens-agrees-to-buy-dresser-rand-an-oil-services-company-for-7-6-billion/|accessdate=6 December 2017|work=The New York Times|date=September 21, 2014}} The deal was completed on June 30, 2015.{{cite news|last1=Pulsinelli|first1=Olivia|title=Dresser-Rand to close Houston facility, cut jobs|url=https://www.bizjournals.com/houston/morning_call/2015/12/dresser-rand-to-close-houston-facility-cut-jobs.html|accessdate=6 December 2017|work=Houston Business Journal|date=December 22, 2015}}
In 2018, the Dresser-Rand Government Business unit of Siemens Government Technologies was sold to Curtiss-Wright Corporation for $212.5 million in cash.{{Cite news |date=April 3, 2018 |title=Curtiss-Wright Completes Acquisition of Dresser-Rand Government Business |url=https://www.asdnews.com/news/defense/2018/04/03/curtisswright-completes-acquisition-dresserrand-government-business |work=ASDNews}} At the time of acquisition, Dresser-Rand was an exclusive supplier of steam turbines and main engine guard valves across all aircraft carrier programs. The company was also a major provider of repair and maintenance services for the U.S. Navy’s Atlantic and Pacific fleets.{{Cite news |date=February 21, 2018 |title=Curtiss-Wright buying Dresser-Rand Government Business |url=https://www.navaltoday.com/2018/02/21/curtiss-wright-buying-dresser-rand-government-business/ |work=Naval Today}}
Operations
Dresser-Rand products include turbo and reciprocating compressors, steam turbines, industrial and aero-derivative gas turbines, high-speed engines, and modular power substations.{{cite web|title=About Dresser-Rand|url=http://www.dresser-rand.com/company/about-us/|website=Dresser-Rand.com|accessdate=6 December 2017}}
The company is headquartered in Houston, Texas{{cite web|title=The Dresser-Rand Business Fact Sheet|url=http://www.dresser-rand.com/wp-content/uploads/2015/01/facts-flier.pdf|website=Dresser-Rand.com|accessdate=6 December 2017}} 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.
References
{{Reflist}}
External links
- {{official website|https://www.dresser-rand.com}}
Category:Engineering companies of the United States
Category:Manufacturing companies based in Houston
Category:2015 mergers and acquisitions
Category:Companies formerly listed on the New York Stock Exchange
Category:2004 mergers and acquisitions
Category:2005 initial public offerings
Category:American subsidiaries of foreign companies