GE to Acquire Cameron’s Reciprocating Compression Division
Division to become part of GE’s Downstream Technology Solutions business
GE Oil & Gas has agreed to acquire Cameron’s Reciprocating Compression division for US$550 million. The division provides reciprocating compression equipment and aftermarket parts and services for oil and gas production, gas processing, gas distribution and independent power industries.
Cameron’s Reciprocating Compression division, which generated sales of approximately US$355 million in 2012, has 900 employees and operates from 20 global locations. The acquisition is expected to close later this year subject to regulatory approval.
After closing, Cameron’s Reciprocating Compression division will become part of GE’s Oil & Gas recently formed Downstream Technology Solutions business in order to better serve the US$11 billion downstream and distributed gas segments. The new business is designed to deliver products, services and packaged products for both the traditional downstream and evolving unconventional oil and gas space.
The acquisition complements GE’s Oil & Gas’ existing High-Speed Reciprocating (HSR) business, which focuses in low horsepower units that are used predominately in gas lift applications. Cameron’s Reciprocating Compression division portfolio complements GE’s business by adding higher horsepower models used in gas gathering, processing and transmission.