GE buys Dresser, Inc. in $3 billion deal

Atlanta, October 6, 2010 — GE signed a contract to acquire Dresser, Inc., a global energy infrastructure technology and service provider.

The $3 billion deal is the latest in a series of acquisitions over the last 10 years that has helped grow GE‘s energy business.

The addition of Dresser‘s portfolio, which includes technologies for gas engines, control and relief valves, measurement, regulation and control solutions for gas and fuel distribution, will expand GE’s core energy offerings and extend its reach into adjacent offerings for its energy and industrial customers around the world.

The deal is subject to customary closing conditions and is expected to close promptly after receiving regulatory approval.

Headquartered in Addison, Texas, Dresser operates in more than 100 countries, delivering compression, flow technology, measurement and distribution infrastructure and services to customers in more than 150 countries. Dresser had revenues of $2 billion and earnings of $318 million in 2009.

Dresser’s portfolio will complement many of GE’s product offerings. Dresser’s gas engines will give GE best in class, low-emissions, fuel-flexible mechanical-drive technology that can be applied to the small-scale compression segment for customers in the oil and gas sector.

GE Jenbacher’s expertise in clean, fuel-flexible, high-efficiency, power-generation engines, combined with Dresser’s expertise in durable, low-emissions, fuel-flexibility rich-burn mechanical drive engines, will help deliver a wide-range of enhanced gas-engine technology solutions to petrochemical, mining, manufacturing and power-generation customers worldwide.

Dresser also will further the development of GE Energy’s monitoring, diagnostics and performance optimization offerings. Dresser’s pressure relief and control valve technologies will be complemented by GE’s domain expertise, which will create opportunities to bring additional technology and applications to Dresser’s offerings.

GE plans to build out solutions it offers to help customers effectively manage the pressure and relief flows in pipelines, processing plants and power generation facilities. Dresser’s capabilities combined with GE’s existing solutions will help to increase customer productivity and reduce operational costs.

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