Houston, (Dec. 1, 2005) -- Cooper Cameron Corporation has closed on substantially all of the businesses being acquired from the Flow Control segment of Dresser, Inc. for approximately $224 million in cash. The closing of the Brazilian portion of the business is awaiting Brazilian regulatory confirmation of transfer of operating permits and tax documentation, and is expected to be completed in early 2006.
The businesses being acquired serve customers in the worldwide oil and gas production, pipeline and process markets, and will be combined with the Company's Cooper Cameron Valves operations. Cooper Cameron Chairman, President and Chief Executive Officer Sheldon R. Erikson said, "As previously noted, we expect this acquisition to favorably impact our profitability in 2006, after adjusting for one-time integration costs." Erikson said that the integration process will be ongoing throughout 2006 and into early 2007.
Cooper Cameron Corporation (NYSE: CAM) is a leading international manufacturer of oil and gas pressure control equipment, including valves, wellheads, controls, chokes, blowout preventers and assembled systems for oil and gas drilling, production and transmission used in onshore, offshore and subsea applications, and provides oil and gas separation, metering and flow measurement equipment. Cooper Cameron is also a leading manufacturer of centrifugal air compressors, integral and separable gas compressors and turbochargers.