Dresser-Rand Group

Dresser-Rand Group, Inc.

Type	Public
Traded as	NYSE: DRC
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	$2.736 billion USD (2012), 18% from 2011[1]
Operating income	$335.9 million USD (2012), 30% from 2011
Net income	$179 million USD (2012), 48% from 2011
Total assets	$3.333 billion USD (2012), 8.8% from 2011
Employees	7,976 (2012)[2]
Website	Dresser-Rand.com

Dresser-Rand Group, Inc. (NYSE: DRC), 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 13 manufacturing sites and over 76 sales offices worldwide.^[3]

History

Dresser-Rand

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

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

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

Dresser-Rand designs, manufactures, and services a wide variety of products for use in the oil, gas, and process industries. Dresser-Rand's recent acquisitions of Grupo Guascor S.L. and Synchrony, Inc., as well as investments in Echogen Power Systems and Ramgen Power Systems have further extended the company's market reach.^[13]

Compressors: DATUM® centrifugal, axial, reciprocating, pipeline direct inlet (PDI), Spiraxial, and AXI® rotary screw compressors ^[14]

DATUM® family of centrifugal compressors:

• DATUM®: Oil, gas, and process compressor with applications in the refining, ethylene, methanol, LNG, and other industries.
• DATUM® ICS (Integrated Compression System): Gas-liquid separating compressor for onshore, offshore, and sub-sea applications.
• DATUM® C: Integrated, electric motor-driven compressor designed for natural gas pipeline and process gas applications.
• DATUM® P: Pipeline compressor designed for easy maintenance with natural gas transmission applications.

Gas Turbines: VECTRA® 40G, KG2-3E, KG2-3G, DR-61 ^[14]

Steam Turbines & Expanders: Single- and multi-stage steam turbines, FCC power recovery expander ^[14]

Miscellaneous: Guascor® engines and gensets, Gimpel® valves, Synchrony® magnetic bearings & high-speed motors and generators, COPPUS® portable ventilators, HydroAir™ wave power turbines, Combined Heat and Power (CHP) solutions, and Control Systems ^[14]

Further reading

• Official website
• Grupo Guascor
• Synchrony

References