MUNICH - Siemens has entered into an agreement with Dresser-Rand, which is listed on the New York Stock Exchange, to acquire all of the issued and outstanding common shares of Dresser-Rand by way of a friendly takeover bid. Siemens' bid is unanimously supported by Dresser-Rand's Board of Directors. The offer price is $83 per common share in cash, or a total transaction value of approximately $7.6 billion (approximately EUR5.8 billion). With its comprehensive portfolio of compressors, steam turbines, gas turbines and engines, Dresser-Rand is a leading supplier for the oil & gas, process, power and other industries in the related energy infrastructure markets worldwide. The acquisition complements Siemens' existing offerings, notably for the global oil & gas industry and for distributed power generation.
Dresser-Rand's Board of Directors has unanimously recommended the offer to Dresser-Rand's shareholders. Siemens expects to close the transaction by summer 2015.
With annual revenues of approximately $3.0 billion (fiscal 2013) and approximately 8,100 employees, Dresser-Rand, headquartered in Houston, Texas, USA, and Paris, France, has almost 100,000 rotating equipment units installed in more than 150 countries.
Dresser-Rand's product portfolio completes Siemens' offerings with compressors and turbines. Applications covered are high-pressure field injection and oil recovery, gas liquefaction, gas transmission and refinery processes. Additionally, Dresser-Rand offers further technologies for distributed power generation such as reciprocating engines as drives for compressors and power generation, micro LNG solutions. This complements Siemens' offerings strengths in turbo compressors, downstream and industrial applications and in larger-sized steam turbines. Siemens plans to realize more than EUR150 million in annual synergies by 2019 as a result of the transaction.
Source: http://www.siemens.com/press/en/pressrelease/?press=/en/pressrelease/2014/corporate/axx20140967.htm&content[]=CC&content[]=Corp
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