It was announced this week that Siemens, a German electronics and engineering company, has made a deal to purchase Dresser-Rand, a US-based oilfield equipment manufacturer. This agreement concludes a bidding war between Siemens and Sulzer, a Swiss pump manufacturer.
The deal, worth $7.6 billion, will give Siemens direct access to US domestic oil production, a sector currently booming from new extraction techniques like hydraulic fracturing. Houston, Texas is a primary hub for the oil industry and this location is an ideal place for Siemens to enter the growing US market. Siemens has already played a role in the US power industry, mainly with its production of gas turbines. The company is also purchasing Rolls-Royce Holdings PLC’s energy gas turbine and compressor business, including its Houston operations. Continue reading “Siemens to Acquire Dresser-Rand”