Shopping Cart  |  Intelligence Center


HOME PRODUCTS & SERVICES MEDIA CENTER CONSULTING SERVICES FREE TRIALS & DEMOS LOG IN CONTACT US

AEROSPACE & DEFENSE ELECTRONICS
AIRLINES, COMMERCIAL AVIATION & MAINTENANCE
AVIATION ENGINES, PROPULSION & AUXILIARY POWER UNITS
INDUSTRIAL & MARINE GAS TURBINES
INTERNATIONAL MILITARY MARKETS & BUDGETS - EURASIA, ASIA, AUSTRALIA & PACIFIC RIM
INTERNATIONAL MILITARY MARKETS & BUDGETS - EUROPE, MIDDLE EAST & AFRICA
INTERNATIONAL MILITARY MARKETS & BUDGETS - NORTH & SOUTH AMERICA
MILITARY AIRCRAFT
MILITARY VEHICLES, ORDNANCE, MUNITIONS, AMMUNITION & SMALL ARMS
MISSILES & MISSILE SYSTEMS
NAVAL SHIPS AND OPERATING SYSTEMS
NON-US AEROSPACE/DEFENSE COMPANIES & CONTRACTS
REGIONAL, BUSINESS & GENERAL AVIATION
ROTORCRAFT
SPACECRAFT, LAUNCH VEHICLES & SATELLITES
US AEROSPACE/DEFENSE COMPANIES & CONTRACTS
Drones and Unmanned Systems - Air, Sea, Land, Micro & Robot Systems
UTILITIES, ROTATING MACHINERY & POWER GENERATION

Industrial & Marine Gas Turbines
 
SIEMENS GETS GREEN LIGHT FROM EU COMMISSION FOR DRESSER-RAND ACQUISITION
Monday, June 29, 2015

Source: Siemens

Munich - The EU Commission has unconditionally approved Siemens' acquisition of Dresser-Rand. All regulatory approvals required to complete the transaction have thus now been obtained. Siemens plans to close the transaction by the end of June 2015.

Siemens will pay all Dresser-Rand shareholders $85.20 per share. The purchase price comprises the offer of $83 per share plus a time-dependent ticking fee totaling $2.20 per share for the months of March to and including June 2015. The overall consideration for acquiring all outstanding Dresser-Rand shares including the assumption of outstanding financial debt of $1.2 billion is about $7.8 billion.

"With Dresser-Rand on board, we now have a comprehensive portfolio of equipment and capability for the oil and gas industry and a much expanded installed base, allowing us to address the needs of the market with world-class products, solutions and services. The current level of oil prices increases the focus of our customers for ways to reduce costs. So despite the challenges of a low oil price, this also brings opportunities as we focus our efforts on offers that reduce costs and increase efficiency. The long-term growth trajectory for oil and gas remains intact," said Lisa Davis, member of the Managing Board of Siemens AG.

Siemens is financing the purchase price from operating and investing cash flows and with newly issued USD bonds. The shares of Dresser-Rand Group Inc, which is headquartered in Houston, Texas and Paris, are currently listed on the New York Stock Exchange . This listing is to be discontinued as of July 2015.

Dresser-Rand's business - together with Siemens' compressor unit and the related service business - will form a new Dresser-Rand unit within Siemens Power and Gas Division with a primary focus on the oil and gas industry. Dresser-Rand's current CEO, Vincent Volpe will lead the business through the initial integration phase. Starting September 1, 2015, Christopher Rossi, 28-year veteran of Dresser-Rand, will take over the CEO position at the new business. Siemens manager Heribert Stumpf will serve as the unit's CFO.

Siemens is anticipating annual synergies of about €200 million ($223 million) from the integration of Dresser-Rand by 2019. As a world-leading supplier for the oil and gas industry and for distributed power generation, Dresser-Rand generated revenue of around $2.8 billion in fiscal 2014 and had about 7,900 employees. The well-established brands from Dresser-Rand's portfolio will be continued.

Source:  Siemens
Associated URL: siemens.com
Source Date: June 29, 2015
Posted: 06/29/2015

 
 
SIEMENS GETS GREEN LIGHT FROM EU COMMISSION FOR DRESSER-RAND ACQUISITION
Monday, June 29, 2015

Source: Dresser-Rand

Munich - The EU Commission has unconditionally approved Siemens' acquisition of Dresser-Rand. All regulatory approvals required to complete the transaction have thus now been obtained. Siemens plans to close the transaction by the end of June 2015.

Siemens will pay all Dresser-Rand shareholders $85.20 per share. The purchase price comprises the offer of $83 per share plus a time-dependent ticking fee totaling $2.20 per share for the months of March to and including June 2015. The overall consideration for acquiring all outstanding Dresser-Rand shares including the assumption of outstanding financial debt of $1.2 billion is about $7.8 billion.

"With Dresser-Rand on board, we now have a comprehensive portfolio of equipment and capability for the oil and gas industry and a much expanded installed base, allowing us to address the needs of the market with world-class products, solutions and services. The current level of oil prices increases the focus of our customers for ways to reduce costs. So despite the challenges of a low oil price, this also brings opportunities as we focus our efforts on offers that reduce costs and increase efficiency. The long-term growth trajectory for oil and gas remains intact," said Lisa Davis, member of the Managing Board of Siemens AG.

Siemens is financing the purchase price from operating and investing cash flows and with newly issued USD bonds. The shares of Dresser-Rand Group Inc, which is headquartered in Houston, Texas and Paris, are currently listed on the New York Stock Exchange . This listing is to be discontinued as of July 2015.

Dresser-Rand's business - together with Siemens' compressor unit and the related service business - will form a new Dresser-Rand unit within Siemens Power and Gas Division with a primary focus on the oil and gas industry. Dresser-Rand's current CEO, Vincent Volpe will lead the business through the initial integration phase. Starting September 1, 2015, Christopher Rossi, 28-year veteran of Dresser-Rand, will take over the CEO position at the new business. Siemens manager Heribert Stumpf will serve as the unit's CFO.

Siemens is anticipating annual synergies of about €200 million ($223 million) from the integration of Dresser-Rand by 2019. As a world-leading supplier for the oil and gas industry and for distributed power generation, Dresser-Rand generated revenue of around $2.8 billion in fiscal 2014 and had about 7,900 employees. The well-established brands from Dresser-Rand's portfolio will be continued.

Source:  Siemens
Associated URL: siemens.com
Source Date: June 29, 2015
Posted: 06/29/2015

 
 
ANSALDO ENERGIA AWARDED THREE MAJOR CONTRACTS IN EGYPT WORTH OVER EUR 240 MILLION
Thursday, June 25, 2015

Source: Ansaldo Energia

GENOA, Italy - Ansaldo Energia, 44.8 percent owned by Fondo Strategico Italiano, has been awarded three major contracts in Egypt worth over EUR 240 million ($269.6 million).

The first two, Al Shabab and West Damietta, cover the conversion to combined cycles of two power plants owned by Egyptian Electricity Holding Co, the Egyptian Government Electricity Authority, which manages over 90 percent of the country's power generation capacity. They entail the supply and commissioning of three steam turbines rated 265 MW each, including the relative hydrogen-cooled generators, air condensers, transformers and auxiliary systems.

The third contract is for the supply of two AE94.2 gas turbines rated about 170 MW each (in ISO conditions) and the relative generators, plus engineering, erection and startup services for the open cycle power plant at Al Mahmoudia (Al Buhayrah State) assigned by Elsewedy Power System Projects International, the leading provider of power generation products in the Middle East and Africa.

With these orders, Ansaldo Energy has installed over 4,000 MW of power generating capacity in the country.

Source:  Ansaldo Energia
Associated URL: http://www.ansaldoenergia.it/easyUp/file/press_release_aen_alshabab_westdamietta
Source Date: June 25, 2015
Posted: 06/29/2015

 

NOTICE TO USERS

Warranty: Forecast International makes no guarantees as to the veracity or accuracy of the information provided. It warrants only that the information, which has been obtained from multiple sources, has been researched and screened to the best of the ability of our staff within the limited time constraints. Forecast International encourages all clients to use multiple sources of information and to conduct their own research on source data prior to making important decisions. All URLs listed were active as of the time the information was recorded. Some hyperlinks may have become inactive since the time of publication.

Technical Support: Phone (203)426-0800 e-mail support@forecast1.com

Subscription Information: Phone (203)426-0800 or (800)451-4975; FAX (203)426-0223 (USA) or e-mail sales@forecast1.com

Aerospace/Defense News Highlights is published by Forecast International, 22 Commerce Road, Newtown CT 06470 USA. Articles that list Forecast International as the source are Copyrighted © 2015. Reproduction in any form, or transmission by electronic or other means, is prohibited without prior approval from the publisher.

Forecast International invites all interested companies to submit their announcements and press releases for review and inclusion in our Intelligence Letters.

Contact: Ray Peterson, Director of Research
E-Mail: Ray.Peterson@forecast1.com
Phone: 800-451-4975
FAX: 203-270-8919



HOME PRODUCTS & SERVICES MEDIA CENTER FREE TRIALS & DEMOS CONTACT US PRIVACY STATEMENT TERMS AND CONDITIONS

Forecast International © 2015 22 Commerce Rd Newtown, CT 06470 USA Phone: 203.426.0800 Toll-Free: 800.451.4975 (USA & Canada) Fax: 203.426.0223 info@forecast1.com