The Dresser-Rand business, part of German Siemens AG Power and Gas (PG), is a leading supplier of mission-critical, high-speed rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. As part of the global Siemens family, the Dresser-Rand business offers an equipment portfolio that includes turbo and reciprocating compressors; steam turbines; industrial and aero-derivative gas turbines; high-speed engines; and modular power substations. With the world's largest installed base, one of the world's largest technical support and service center networks, and a presence in more than 150 countries worldwide, the Dresser-Rand business delivers local solutions and services on a global scale.
Dresser-Rand Company was formed on December 31, 1986, as an equally owned joint venture between Dresser Industries and Ingersoll Rand.
In September 1999, Dresser Industries merged with Halliburton Industries, and transferred its 51% ownership interest of Dresser-Rand Company to Halliburton. Due to agreements made in the original venture, Dresser Industries, then a unit of Halliburton, was required to either purchase the remaining interest in Dresser-Rand Company or sell it to Ingersoll Rand. In February 2000, the 51% ownership of Dresser-Rand Company was sold to Ingersoll Rand.
On August 25, 2004, First Reserve Corporation, a private equity firm, entered into an equity purchase agreement with Ingersoll Rand to purchase the equity interests in Dresser-Rand Company for approximately $1.2 billion. Following the purchase agreement, Dresser-Rand Group, Inc. was registered as corporation in the state of Delaware, and the acquisition closed on October 29, 2004. On August 4, 2005, less than one year after its acquisition, First Reserve took Dresser-Rand Group, Inc. public through an IPO, selling at $21.00 per share.
In September 2014 German conglomerate Siemens AG announced plans to acquire Dresser-Rand Group Inc for $7.6 billion. The EU Commission unconditionally approved Siemens' acquisition of Dresser-Rand, all regulatory approvals required to complete the transaction were obtained. On 30.06.2015 Siemens AG finished the acquisition of Dresser-Rand.
Dresser Industries, whose history dated back to the 1880s, was formed from the 1938 merger of the Solomon R. Dresser Company and the Clark Brothers Company of Olean, New York. The Dresser Clark Company, which was later incorporated as Dresser Industries in 1956, manufactured steam, diesel, and reciprocating engines as well as centrifugal compressors in Olean, and in a facility in Le Havre, France.
In 1984, Dresser Industries acquired Turbodyne Corporation from the McGraw-Edison Company, who had previously purchased the Studebaker-Worthington Company in 1979. Turbodyne, whose history can be traced back to Henry R. Worthington, who invented the first direct-acting steam pump in the 1840s, was established in 1970 through the merger of two Studebaker-Worthington subsidiaries: Worthington Turbine International and Electric Machinery Manufacturing Co.
In 1985, Dresser Industries furthered their reach in the energy conversion and power generation market with the acquisition of a 50% share of the Kongsberg Våpenfabrikk gas turbine division, the producer of the KG2, the world's first radial gas turbine. The remaining 50% share of Kongsberg's gas turbine division was purchased by Dresser-Rand in 1989, after the start of the joint venture.
Ingersoll Rand's roots date back to 1871 when Simon Ingersoll formed the Ingersoll Rock Drill Company after patenting a steam-powered rock drill design. Ingersoll, which merged with the Sergeant Drill Company in 1888 became the Ingersoll-Sergeant Drill Company. In 1905, the company then merged with Rand Drill Company, who six years prior had begun manufacturing compressors in Painted Post, New York, to form the Ingersoll Rand Company. Later, in 1974, Ingersoll Rand purchased Terry Steam Turbine Company, to enhance its wide-ranging experience with rotating equipment.
Dresser-Rand designs, manufactures, and services a wide variety of products for use in the oil, gas, and process industries. Dresser-Rand's acquisitions of Grupo Guascor S.L. and Synchrony, Inc. in 2012, as well as strategic investments in Echogen Power Systems and Ramgen Power Systems have further extended the company's market reach.