Dresser-Rand

Ingersoll Rand's roots date back to 1871 when Simon Ingersoll formed the Ingersoll Rock Drill Company after patenting a steam-powered rock drill design.[3][4] The company merged with the Sergeant Drill Company in 1888 and became the Ingersoll-Sergeant Drill Company.[5] In 1905, the company merged with Rand Drill Company, which six years prior had begun manufacturing compressors in Painted Post, New York. The result was the Ingersoll Rand Company.[6]

Dresser Industries was created from the 1938 merger of the Solomon R. Dresser Company (founded in Bradford, Pennsylvania) and the Clark Brothers Company (founded in 1880 in Belmont, New York; moved to Olean, New York in 1912).[2][6]

The Dresser Clark Company, which was incorporated in 1956 as Dresser Industries, manufactured steam, diesel, and reciprocating engines as well as centrifugal compressors in Olean, and in a facility in Le Havre, France.[7][8]

In 1984, Dresser Industries acquired Turbodyne Corporation from the McGraw-Edison Company, which had previously purchased the Studebaker-Worthington Company in 1979.[9] In 1985, Dresser Industries acquired a 50% share of the Kongsberg Våpenfabrikk gas turbine division, the producer of the KG2, the world's first radial gas turbine.[8] The remaining 50% share of Kongsberg's gas turbine division was purchased by Dresser-Rand in 1989.[9]

Dresser-Rand Company was formed in 1986 as an equally-owned joint venture between Dresser Industries and Ingersoll Rand.[2]

In September 1999, Dresser Industries merged with Halliburton Industries, and transferred its 51% ownership interest of Dresser-Rand Company to Halliburton.[10] Due to agreements made in the original venture, Dresser Industries, then a unit of Halliburton, was required to either purchase the remaining interest in Dresser-Rand Company or sell it to Ingersoll Rand.[11] In February 2000, the 51% ownership of Dresser-Rand Company was sold to Ingersoll Rand.[9]

On August 25, 2004, First Reserve Corporation, a private equity firm, entered into an equity purchase agreement with Ingersoll Rand to purchase the equity interests in Dresser-Rand Company for approximately $1.2 billion.[12] Following the purchase agreement, Dresser-Rand Group, Inc. was registered as corporation in the state of Delaware, and the acquisition closed on October 29, 2004. On August 4, 2005, First Reserve took Dresser-Rand Group, Inc. public through an IPO, selling at $21.00 per share.

In 2012 the company acquired Spanish engine supplier Grupo Guascor SL for $690 million,[13] as well as Synchrony, Inc.[14]

In September 2014 German conglomerate Siemens AG announced plans to acquire Dresser-Rand Group Inc for $7.6 billion in cash.[15][16] The deal was completed on June 30, 2015.[17]