GE Acquiring Camerons Recip Division
Cameron has agreed to sell its reciprocating compression division to GE Oil & Gas for US$550 million and, at press time, was considering the sale of its centrifugal compression business.
The company’s recip business provides reciprocating compression equipment and aftermarket parts and services for oil and gas production, gas processing, gas distribution and independent power industries.
The division, which generated sales of about US$355 million in 2012, has 900 employees and operates from 20 global locations. If U.S. regulatory agencies approve, the acquisition is expected to close during the third quarter.