HOUSTON -- Dresser-Rand Group Inc., a global supplier of high-speed rotating equipment and service solutions, announced today that it closed the previously announced acquisition of Synchrony, Inc., for approximately $50 million net of cash acquired. The agreement includes the potential for additional consideration of up to a maximum of $10 million tied to technical milestones and to business performance.
Synchrony is a technology development company with a portfolio of world-class technologies and products including active magnetic bearings (AMB), high speed motors and generators, and power electronics for clean, efficient, and reliable rotating machinery. A private company founded in 1993, Synchrony is headquartered in Roanoke County, Virginia, where it develops, manufactures, and tests its products in an ISO 9001-certified facility that includes a best-in-class model shop for rapid prototype fabrication and assembly.
On December 7, 2011, the Company signed a definitive agreement to acquire Synchrony, Inc.
Dresser-Rand is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. The Company operates manufacturing facilities in the United States, France, United Kingdom, Spain, Germany, Norway, India, and China, and maintains a network of 45 service and support centers (including 6 engineering and R&D centers) covering more than 140 countries. Dresser-Rand has principal offices in Paris, France, and Houston, Texas.
For more information, visit www.dresser-rand.com.