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In the Marketplace
GE Energy of Atlanta has signed a contract to acquire Dresser, Inc., a global energy infrastructure technology and service provider. The $3 billion deal, 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. Dresser is based in Addison, TX, and operates in more than 100 countries, delivering compression, flow technology, measurement and distribution infrastructure and services. The company had revenues of $2 billion and earnings of $318 million in 2009.
The Dresser acquisition continues a series of three recent actions in GE's energy business. The company announced a joint venture in China to grow in the world's largest wind market. Second, GE has purchased assets of Calnetix Power Solutions, which expands GE's capabilities to recover waste heat from industrial processes for electricity generation and will also complement GE's gas engine business. In addition, GE signed a $700 million contract with Saudi Electricity Company for a new, high-efficiency power plant in Riyadh, Saudi Arabia.
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