General Electric Co acquired Cameron’s Reciprocating Compression division for $550 million, and is adding the manufacturer of reciprocating compression equipment and aftermarket parts to its GE Oil & Gas portfolio. The Cameron division has approximately 900 employees and 20 locations worldwide.
High-speed reciprocating compressors are used in gas gathering, lifting and injection, transmission, and storage. GE noted that developers of shale oil projects in the U.S. have a growing need for high-speed reciprocating compressors, a need it forecasts will increase as shale oil projects spread to other markets.
The Cameron Reciprocating Compression division will become part of the GE Downstream Technology Solutions business. GE stated the additional capabilities will complement its existing High-Speed Reciprocating business, which is concentrated in low horsepower units used mostly in gas lift applications.
“Our increased strategic focus, the buoyant oil-and-gas sector and our track record in providing high-quality support to customers combined with Cameron’s Reciprocating Compression division will position us for accelerated growth,” stated Lorenzo Simonelli, president and CEO of GE Oil & Gas.