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INGERSOLL-RAND AND DRESSER INDUSTRIES FORM PUMP JOINT VENTURE

 INGERSOLL-RAND AND DRESSER INDUSTRIES FORM PUMP JOINT VENTURE
 WOODCLIFF LAKE, N.J., Oct. 8 /PRNewswire/ -- Ingersoll-Rand Company and Dresser Industries, Inc. (NYSE: DI), today announced the formation of a new pump company, Ingersoll-Dresser Pump Company. The new joint venture, originally proposed in May 1991, was formed after the United States Justice Department announced on Sept. 28, 1992, that it would not oppose the transaction.
 Ingersoll-Dresser Pump Company, headquartered in Liberty Corner, N.J., combines Ingersoll-Rand's and Dresser Industries' pump operations, but excludes Dresser's Mono Pump operations in the United Kingdom. The included operations had total sales of approximately $900 million in 1991.
 Ingersoll-Dresser Pump Company serves worldwide markets that include paper, hydrocarbon processing, chemical, electric utility, agriculture, marine, mining and mineral processing, water, sewage and general industries.
 In a joint statement, Theodore H. Black, chairman and chief executive officer of Ingersoll-Rand, and John J. Murphy, chairman and chief executive officer of Dresser Industries, said, "Ingersoll-Dresser Pump Company is well positioned to address increasingly sophisticated needs of pump customers in diverse markets around the world. The joint venture provides substantial operating efficiencies and permits greater investment in research, engineering and development, product improvement and manufacturing capabilities."
 Thomas E. Bennett, executive vice president, Ingersoll-Rand Company, is president and chief executive officer of Ingersoll-Dresser Pump Company.
 "The combined pump operations complement each other in terms of geographic markets and product lines," Bennett said. "As a result, this pairing provides the necessary resources to ensure a continuing ability to compete on a global basis."
 Ingersoll-Dresser Pump Company's worldwide employment exceeds 8,000 people. Major United States facilities are in California, Maryland, Nebraska, New Jersey, Pennsylvania and Virginia. In addition, the company has factories in 17 other countries.
 Ingersoll-Rand, based in Woodcliff Lake, N.J., is a leading manufacturer of industrial machinery, construction equipment, tools, bearings and precision components and door hardware.
 Dresser Industries, based in Dallas, is a leading supplier of engineered products and services, primarily focusing on hydrocarbon energy-related activities from exploration, drilling and production to transmission, processing, conversion and marketing.
 -0- 10/08/92
 /CONTACT: Paul A. Dickard of Ingersoll-Rand Company, 201-573-3120, or Kenneth C. Rueckert of Dresser Industries, 214-740-6757/
 (DI) CO: Ingersoll-Rand; Dresser Industries ST: New Jersey IN: MAC SU: JVN


CN -- NY090 -- 8020 10/08/92 15:58 EDT
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Publication:PR Newswire
Date:Oct 8, 1992
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