Siemens has agreed to acquire rotating equipment provider Dresser-Rand (NYSE: DRC) for approximately $7.6 billion cash in a move to grow Siemens’Â global oil and gas business.
Joe Kaeser,  president and CEO of Siemens AG, said Monday that Dresser-Rand will become “the oil and gas” company within Siemens.
Siemens expects to complete the deal by summer 2015 and to realize approximately $192.8 million in annual synergies by its 2019 fiscal year.
According to Siemens, Drasser-Rand recorded approximately $3 billion in revenue for its 2013 fiscal year and has 8, 100 employees worldwide.
“Our aim is to become the leading rotating equipment and process system integrator for the oil & gas industry, ” said Lisa Davis, a member of Siemens’ managing board.
Siemens intends to incorporate Dresser-Rand’s product portfolio into its offerings for the global oil and gas industry and for distributed power generation.
Dresser-Rand, which has headquarters in both Paris and Houston, supplies compressors, steam turbines, gas turbines and engines to energy infrastructure customers worldwide.
