One of the big names in American oilfield technology, Dresser-Rand, has been bought by Germany’s Siemens for nearly six billion euros in cash.
The oil equipment maker’s purchase allows Siemens to better compete against General Electric in the booming shale gas market. It is one of the biggest acquisitions in the German group’s history, and strengthens it in its weakest region.
It also tightens the company’s focus on industry as it withdraws from the consumer market where it has had limited success. It has sold its BSH concern to household appliance rival Bosch, raising three billion for the Dresser-Rand takeover.