Dresser-Rand Group

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Dresser-Rand Group, Inc.
Type Public
Traded as NYSEDRC
Industry Manufacturing, Technical Services
Founded 2004 (see history)
Headquarters Houston, Texas, U.S.
Paris, France
Key people Vincent Volpe, Jr. (Pres., CEO)
William E. Macaulay (Chairman)
Products Compressors, turbines, diesel and gas engines, and other industrial equipment.
Revenue US$3.033 billion (2013),
Increase 11% from 2012[1]
Operating income ÙS$321 million (2013),
Decrease 4.4% from 2012
Net income ÙS$168.4 million (2013),
Decrease 5.9% from 2012
Total assets ÙS$3.738 billion (2013),
Increase 12% from 2012
Employees 8,100 (2013)[2]
Website Dresser-Rand.com

Dresser-Rand Group, Inc. (NYSEDRC), is a global supplier of custom-engineered rotating equipment solutions for applications in the oil, gas, process, power, and other industries worldwide. Dresser-Rand is headquartered in Houston, Texas, United States, and Paris, France and has 14 manufacturing sites and over 73 sales offices worldwide.[3]

History[edit]

Dresser-Rand[edit]

Dresser-Rand Company was formed on December 31, 1986, as an equally owned joint venture between Dresser Industries and Ingersoll Rand.[4] In October 1992, Dresser Industries purchased a 1% equity interest from Dresser-Rand Company.

In September 1999, Dresser Industries merged with Halliburton Industries, and transferred its 51% ownership interest of Dresser-Rand Company to Halliburton.[4][5] Due to agreements made in the original venture, Dresser Industries, then a unit of Halliburton, was required to either purchase the remaining interest in Dresser-Rand Company or sell it to Ingersoll Rand.[6] In February 2000, the 51% ownership of Dresser-Rand Company was sold to Ingersoll Rand.[7]

On August 25, 2004, First Reserve Corporation, a private equity firm, entered into an equity purchase agreement with Ingersoll Rand to purchase the equity interests in Dresser-Rand Company for approximately $1.2 billion.[8] Following the purchase agreement, Dresser-Rand Group, Inc. was registered as corporation in the state of Delaware, and the acquisition closed on October 29, 2004. On August 4, 2005, less than one year after its acquisition, First Reserve took Dresser-Rand Group, Inc. public through an IPO, selling at $21.00 per share. The Dresser-Rand Group common stock currently trades on the New York Stock Exchange under the ticker symbol DRC.[4]

Dresser Industries[edit]

Dresser Industries, whose history dated back to the 1880s, was formed from the 1938 merger of the Solomon R. Dresser Company and the Clark Brothers Company of Olean, New York.[9] The Dresser Clark Company, which was later incorporated as Dresser Industries in 1956, manufactured steam, diesel, and reciprocating engines as well as centrifugal compressors in Olean, and in a facility in Le Havre, France.[10][11]

In 1984, Dresser Industries acquired Turbodyne Corporation from the McGraw-Edison Company, who had previously purchased the Studebaker-Worthington Company in 1979.[7] Turbodyne, whose history can be traced back to Henry R. Worthington, who invented the first direct-acting steam pump in the 1840s, was established in 1970 through the merger of two Studebaker-Worthington subsidiaries: Worthington Turbine International and Electric Machinery Manufacturing Co.[9][11]

In 1985, Dresser Industries furthered their reach in the energy conversion and power generation market with the acquisition of a 50% share of the Kongsberg Våpenfabrikk gas turbine division, the producer of the KG2, the world's first radial gas turbine.[11] The remaining 50% share of Kongsberg's gas turbine division was purchased by Dresser-Rand in 1989, after the start of the joint venture.[7]

Ingersoll-Rand[edit]

Ingersoll Rand's roots date back to 1871 when Simon Ingersoll formed the Ingersoll Rock Drill Company after patenting a steam-powered rock drill design. Ingersoll, which merged with the Sergeant Drill Company in 1888 became the Ingersoll-Sergeant Drill Company.[12] In 1905, the company then merged with Rand Drill Company, who six years prior had begun manufacturing compressors in Painted Post, New York, to form the Ingersoll-Rand Company.[9] Later, in 1974, Ingersoll Rand purchased Terry Steam Turbine Company, to enhance it's wide-ranging experience with rotating equipment.[11]

Products[edit]

Dresser-Rand designs, manufactures, and services a wide variety of products for use in the oil, gas, and process industries. Dresser-Rand's acquisitions of Grupo Guascor S.L. and Synchrony, Inc. in 2012, as well as strategic investments in Echogen Power Systems and Ramgen Power Systems have further extended the company's market reach.[3]

Further reading[edit]

References[edit]

  1. ^ "DRC: Income Statement for Dresser-Rand Group Inc.". finance.yahoo.com. Retrieved 2014-04-01. 
  2. ^ "DRC: Profile for Dresser-Rand Group". finance.yahoo.com. 2013-12-31. Retrieved 2014-04-01. 
  3. ^ a b Annual Report 2013 (Report). Dresser-Rand. 2013. http://files.shareholder.com/downloads/DRESS/2983849195x0x736593/cd68356a-79de-4a67-bcc6-7b03a2a0e635/web_76916_DR_2013_AR_FINAL032114.pdf. Retrieved 2014-04-01.
  4. ^ a b c Annual Report 2010 (Report). Dresser-Rand. 2010. http://files.shareholder.com/downloads/DRESS/1562255101x0x455444/8ed0fd0f-405d-4c09-bdd8-c246a1550432/DRC_2010AnnualReportLoRes_FINAL031711.pdf. Retrieved 2011-12-10.
  5. ^ CNN Money (26 February 1998). "Halliburton, Dresser merge". Retrieved 4 February 2013. 
  6. ^ New York Times (13 August 1999). "Ingersoll-Rand Ending Dresser Partnership". The New York Times. Retrieved 4 February 2013. 
  7. ^ a b c "History of Dresser-Rand: 1980s, 1990s, and Early 2000s". Retrieved 4 February 2013. 
  8. ^ "First Reserve to Acquire Energy Infrastructure Leader from Ingersoll-Rand for $1.2 Billion". 25 August 2004. Retrieved 4 February 2013. 
  9. ^ a b c "History of Dresser-Rand: 1800 to 1920s". Retrieved 4 February 2013. 
  10. ^ "History of Dresser-Rand: 1930s and 1940s". Retrieved 4 February 2013. 
  11. ^ a b c d "History of Dresser-Rand: 1950s, 1960s, and 1970s". Retrieved 4 February 2013. 
  12. ^ "Ingersoll Rand: Our Company History". Retrieved 4 February 2013.