GE Finalizes Cameron Recip Purchase
Purchase strengthens new downstream division
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.