Siemens has secured approval from the European Union to move ahead with the proposed acquisition of Dresser-Rand.

The company hopes to complete the transaction for full takeover of the supplier of products and solutions for the oil and gas industry by the end of this month.
Lisa Davis
EU competition commissioner Margrethe Vestager said: “After a detailed assessment of the markets involved, the Commission is satisfied that European consumers will not be negatively affected by the merger.”

Upon completion of the transaction, Siemens will operate Dresser-Rand as its oil and gas business within Siemens Power and Gas Division. The new Dresser-Rand unit will focus primarily on the oil and gas industry.

Siemens managing board member Lisa Davis (right) said “With Dresser-Rand on board, we now have a comprehensive portfolio of equipment and capability for the oil and gas industry and a much expanded installed base, allowing us to address the needs of the market with world-class products, solutions and services.

“So despite the challenges of a low oil price, this also brings opportunities as we focus our efforts on offers that reduce costs and increase efficiency.”