Edit ModuleShow Tags

GE Finalizes Cameron Recip Purchase

Purchase strengthens new downstream division


Published:

GE has completed the US$550 million acquisition of Cameron’s reciprocating compression business, which had been announced in January.

It was merged into the GE Oil & Gas Downstream Technology Solutions business, which was recently formed to deliver products and services and packaged products for the traditional downstream and unconventional oil and gas markets.

The Cameron division generated sales of US$355 million in 2012, has 900 employees and operates from 20 global locations. It complemented GE’s low-horsepower recip business by adding higher horsepower models used in gas gathering, processing and transmission.

Jack Moore, Cameron chairman, president and CEO, said, “The divestiture of our reciprocating compression business is consistent with our strategy to build on strong sales and order momentum in our core markets while selectively expanding product and service offerings in strategic growth areas. On behalf of our entire organization, I’d like to thank reciprocating compression employees for their many contributions to Cameron and wish them well at GE.”

Cameron also had announced in January that it was considering the sale of its centrifugal compression business as part of its refocusing on core markets.

 

Edit ModuleShow Tags

Archive »Recent Articles

HiPower Systems Signs New Distributor

HiPower Systems, a manufacturer of power generation and power distribution equipment in the U.S. and Canada, has signed RDO Equipment Co. to be a distributor in North Dakota, South Dakota, Minnesota and eastern Montana.

Altenesol Completes 15-Year LNG Contract

IAHL Corp. announced that its subsidiary, Altenesol LNG Colombia S.A.S., has finalized a 15 year take-or-pay agreement for its first LNG train.

EIA: Report Week Ends With Flat Natural Gas Prices

Natural gas prices were flat at most trading locations between March 11 to March 18 (the report week), according to the Environmental Information Administration (EIA).

EQT Midstream Partners Buys EQT’s Virginia Gas Gathering System

EQT Midstream Partners has entered into an agreement with EQT Corp. to acquire its Northern West Virginia Marcellus Gathering System, along with a preferred interest in an EQT subsidiary, for US$1.05 billion.

Beta’s Leadership Team Adds Two

Beta Machinery Analysis (Beta) announced two additions to its leadership team. The new personnel reflect BETA’s growing business in China and Southeast Asia, and its expanded services in piping vibration and integrity.