Dresser Industries
 Dresser Industries      | |
|---|---|
| Formation | 1880 |
| Headquarters | Addison, Texas |
| Type | commercial |
| Staff | 6,400 |
| Texas oil an gas sector supplier | |
Dresser Industries was a multinational corporation which provided a wide range of technology (construction equipment), products, and services used for developing energy and natural resources.
Ownership
Solomon Robert Dresser invented a "packer", using rubber for a tight fit, and after taking out a patent on May 11, 1880, he began advertising and selling his product, the Dresser Cap Packer, from Bradford, Pennsylvania, in the heart of the oilfields. As the natural gas industry prospered and expanded after 1900, Dresser's company grew as pipelines were built over great distances.[1]
Following Dresser's death, his descendants decided to sell it, and in 1928 the Wall Street investment-banking firm of W. A. Harriman and Company, Inc., converted the firm into a public company by issuing 300,000 shares of stock.[1]
H. Neil Mallon was selected as president and chief executive officer; he held that position until his retirement in 1962. In 1950, the company headquarters moved to Dallas to be near the center of the nation's major oil and gas fields.
The group acquired M. W. Kellogg in 1988, which was later merged into Kellogg, Brown and Root, that itself in 1998 was merged its main rival Halliburton. Halliburton sold many of former Dresser non "oil patch" divisions, retaining the M W Kellogg Engineering and Construction Company and the Dresser oil-patch products and services that complemented Halliburton's energy and natural resource businesses.[2]
The "New" Dresser
In April 2001, the Dresser division (excluding the former Kellogg division) entered an agreement to separate itself once again from Halliburton by management purchasing its equity, the new company to be called Dresser, Inc. Dresser, Inc. was a leading global multi-national owned by First Reserve Corporation and company management.
In February 2011, General Electric Co. agreed to buy oil-field equipment maker Dresser Inc. for $3 billion, expanding its biggest industrial unit. GE acquired Dresser from funds managed by Riverstone Holdings LLC and First Reserve Corporation.
References
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