G.E. Buying Dresser for $3 Billion
October 6, 2010
The New York Times reports, General Electric has agreed to buy privately held energy company Dresser for $3 billion. The deal is the largest industrial acquisition by G.E. since 2007, when it bought Smiths Group of Britain’s aerospace unit for $4.8 billion. Dresser provides a variety of products and services, including fueling systems, gas engines and control valves. Dresser says that it draws more than 85 percent of its revenue from global energy customers, with about 70 percent of its orders coming from outside the United States. G.E. expects Dresser to help expand its gas technology offerings, complementing existing businesses like GE Jenbacher. Last year, Dresser reported $2 billion in revenue and $318 million in earnings. Based in Addison, Tex., the company has about 6,300 employees.