Lisa Davis, member of the managing board of Siemens AG commented: “With Dresser-Rand on board, we now have a comprehensive portfolio of equipment and capability for the oil & gas industry and a much expanded installed base, allowing us to address the needs of the market with world-class products, solutions and services.”
Despite low oil prices, the acquisition brings opportunities for Siemens as they focus efforts on offers that reduce costs while increasing efficiency for customers, she added.
As of July 2015, the shares of Dresser-Rand that were previously listed on the New York Stock Exchange have been discontinued.
With the acquisition, a new Dresser-Rand unit within Siemens Power and Gas Division has been formed with a primary focus on the oil & gas industry. Leading the business through the initial integration phase is Dresser-Rand’s previous CEO, Vincent Volpe.
Christopher Rossi, 28-year veteran of Dresser-Rand will be succeeding him as CEO of the new business with effect from September 1. Siemens manager Heribert Stumpf with serve as the unit’s chief financial officer.
With the previous success of Dresser-Rand and its well-established brands joining the Siemens portfolio, Siemens expects annual synergies of about US$309 million from the integration of Dresser-Rand by 2019.
