Wednesday, January 4, 2012
Dresser-Rand Completes Synchrony Buy
Houston-based equipment manufacturer Dresser-Rand announced today that it has completed its acquisition of Synchrony, a developer of magnetic bearing and high speed motor technology. Dresser-Rand is paying $50M, net of cash acquired for the company, plus up to $10M in earnout. Synchrony was venture backed by New River Management, NewVa Capital Partners, and Third Security, and had raised somewhere around $30M in capital. Dresser-Rand serves the oil, gas, petrochemical, and process industries.