The European Commission has cleared the proposed US$7.6 billion merger between Dresser-Rand and Siemens, the Houston-based equipment supplier announced on 29 June.
All of the conditions precedent regarding regulatory matters have now been satisfied, Dresser-Rand said. The merger is expected to close on 30 June.
The merger between the two companies was first announced back in September. Dresser-Rand has a portfolio of compressors, steam turbines, gas turbines and engines, supplied to the oil and gas, process, power and other industries in the related energy infrastructure markets worldwide. At the time, Siemens said the acquisition complemented its existing offerings, notably for the global oil and gas industry and for distributed power generation.
"Dresser-Rand will become 'The oil and gas' company within Siemens and fit right into our Siemens Vision 2020," said Joe Kaeser, President and CEO of Siemens AG.
With annual revenues of approximately $3 billion (fiscal year 2013) and about 8100 employees, Dresser-Rand, headquartered in Houston, and Paris, has almost 100,000 rotating equipment units installed in more than 150 countries.
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