GE Power Systems Acquires A-C Compressor Group from Dover Corporation.Business Editors & Energy Writers ATLANTA--(BUSINESS WIRE)--May 31, 2001 GE Power Systems today announced it has acquired the A-C A-C Air Conditioning Compressor Group from Dover Corporation Dover Corporation (NYSE: DOV) is a Fortune 500 and S&P 500 manufacturer of specialized industrial products and equipment within six segments. It was historically best known for its former business of the manufacture of elevators from the late 19th Century through the 1990s. . The A-C Compressor Group serves the power generation and oil and gas industries worldwide and offers customers OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and compressors, complete overhauls, re-rate and repair services on gas and steam turbines, compressors and hot gas expanders. Financial terms of the deal were not disclosed. The A-C Compressor Group is comprised of three operating companies: A-C Compressors Corp. in Appleton, WI; CONMEC in Bethlehem, PA; and Preco Turbine and Compressor Services in Houston, TX. "The A-C Compressor Group complements GE's current ability to provide comprehensive solutions for our power generation and oil & gas customers," said John Rice, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GE Power Systems. "A-C's experience and presence in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. helps fulfill GE's commitment to serve the global needs of our customers." A-C Compressors, formerly part of Allis Chalmers Cooperation, was formed in 1935 and acquired by Dover Diversified, a subsidiary of Dover Corporation, in 1992. A-C Compressor's product line includes centrifugal compressors, screw compressors and rotary vane Vane , John Robert 1927-2004. British pharmacologist. He shared a 1982 Nobel Prize for research on prostaglandins. vane the membranous or main part of the contour feather in birds as distinct from the shaft. compressors. A-C Compressor will become part of GE Power Systems' Oil & Gas business headquartered in Florence, Italy. CONMEC, a leader in providing custom solutions for the re-rating and upgrading of turbo machinery, will also be integrated into the Oil & Gas business. Preco is a leading compressor, steam turbine and gas turbine repair facility serving a broad range of gas turbines and compressors. Preco will be integrated into the Energy Services division of GE Power Systems. "The sale of the A-C Compressor business to GE, where it will be combined with the Oil and Gas business, assure a solid continuation of the A-C Compressor growth orientation into the future. A-C has contributed to Dover's success through the years and this transaction benefits both A-C's employees and Dover's shareholders," said Thomas L. Reece, Chairman and CEO of Dover Corporation. About GE Power Systems GE Power Systems (http://www.gepower.com) is one of the world's leading suppliers of power generation technology, oil and gas solutions, energy services and management systems with 2000 revenue of $15 billion. The business has the largest installed base of power generation equipment in the global energy industry. GE Power Systems provides equipment, service and management solutions across the power generation, oil and gas, distributed power and energy rental industries. Through a series of acquisitions and alliances, GE Power Systems has expanded its portfolio of products, services, and software solutions to serve global customers. Recent acquisitions of rental equipment and industrial water treatment businesses demonstrate this commitment to serve the energy industry as well as a broader range of industries including telecommunications, entertainment and high-tech manufacturing. About Dover Diversified Dover Corporation (NYSE NYSE See: New York Stock Exchange :DOV DOV Data-Over-Voice DOV Degree of Variation DOV Defenders of Valor (gaming group) DOV Disbursing Officer Voucher DOV Director of Orbital Verification (Hubble Telescope) DOV Diaphragm-Operated Valve ), a NYSE listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → , is a worldwide manufacturer of industrial and commercial products with leadership positions in a wide variety of specialized niche markets. Dover's sales in the full year 2000 were $5.4 billion. Dover Diversified in Waukesha, WI, is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Dover Corporation (www.dovercorporation.com). |
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