It was announced today that an agreement has been reached for Dresser, Inc. to be acquired by General Electric Co. (GE). As a global manufacturing leader, GE produces natural gas-fired turbines for power generation and provides services such as water treatment and recycling for oil and gas drilling operations. The deal remains subject to regulatory approval.
The agreement includes all of the Dresser businesses, including Waukesha Engine, a supplier of natural gas-fired engines. This marks an expansion of GE's energy unit, as more than 85% of Dresser's sales are from the energy sector. This agreement is a perfect fit for Dresser with GE as it leverages a stronger presence in the energy marketplace.
Dresser Vice President Sales, Americas, Jim Gray, said, "Over the years you have become familiar with Dresser's highly-engineered technology, industry leadership and the expertise of our people. Our Masoneilan and Consolidated brands are recognized as best-in-class product for some of the most demanding applications. You will now benefit from the broader resources that will be available to Dresser due to GE's commitment to invest in research and development. This means we can bring new products to you more quickly and GE's portfolio of high quality products, services and systems will become a part of the overall expanded portfolio.”
As a valued business partner of Dresser Inc. for over 50 years, DMC-Carter Chambers expects tremendous opportunity with this agreement. This deal will expand Dresser’s capital resources that will allow them to expand their offering and increase their market share within the GTC and MARC networks.
DMC-Carter Chambers President & CEO, Joey Jobe, said, "We fully anticipated that Dresser would eventually go public or be acquired by an industrial powerhouse like GE, and we are excited about today’s announcement. As a strong partner with Masoneilan and Consolidated brands, DMC-Carter Chambers looks forward to continued success with Dresser. Dresser’s best-in-class products and services, the capitalization of GE, our dynamic team of employees, and our world-class service centers, enhance a well-positioned platform that supports our strategic growth plan.”
