HOUSTON, April 5 -- Dresser-Rand Group Inc. ["Dresser-Rand" or the "Company" (NYSE:DRC)] today announced that it has acquired the Gimpel business from Tyco Flow Control, a reporting unit of Tyco International (NYSE: TYC; Brussels). Gimpel products include a line of trip, trip throttle, and non-return valves to protect steam turbines and related equipment in industrial and marine applications. Terms of the sale were not disclosed.
In a joint announcement issued today, Vincent R. Volpe, Jr., Dresser-Rand President and CEO, stated that the acquisition is consistent with the company's "bolt-on" acquisition strategy. "We believe that the Gimpel business will help us extend the Dresser-Rand value proposition to our clients," he emphasized. "With Gimpel's extensive installed base, coupled with Dresser-Rand's strength and global service network, we see opportunities to service Gimpel's under-served installed base and further grow our aftermarket business."
Commenting on the transaction, Richard Lundgren, president of Tyco Flow Control, Americas, said "As our power generation focus has shifted more towards supercritical coal and nuclear applications, the Gimpel line was no longer a strategic fit with our business. However, Gimpel remains a strong brand in its niche market with an enduring reputation of proven technology and high-quality product performance."
For more than 50 years, Gimpel has been a leader in its field, supplying critical valves for U.S. Navy nuclear-powered aircraft carriers and submarines. Dresser-Rand also is a key supplier of steam turbines for U.S. Navy ships for main propulsion, ship service and emergency generator sets. Additionally, the company's auxiliary steam turbine drivers are used for main feed pumps, auxiliary feed pumps, circulating pumps, fire pumps and standby oil pumps.
With the announcement today, Dresser-Rand will immediately begin taking orders for Gimpel products and servicing equipment in the Gimpel line.
Dresser-Rand is among the largest global suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, and India, and maintains a network of 26 service and support centers covering more than 140 countries.
The company offers the most comprehensive steam turbine selection in the industry, backed by a worldwide network of sales, manufacturing and service support for all Dresser-Rand and legacy steam turbines such as Moore, Murray, Nadrowski, Terry, Turbodyne, Worthington, and COPPUS.
Source: Dresser-Rand Group Inc.
Director, Investor Relations,
Dresser-Rand Group Inc.,
Web site: http://www.dresser-rand.com/