After making two multi-billion purchases in recent years, Siemens has no plans to make any further acquisitions, even as falling oil prices create a prime opportunity for buying and selling, a company executive said Tuesday.
Chief Executive Officer Joe Kaeser, who is focusing Siemens on energy generation and distribution, last year spent $7.6 billion on acquiring oil and gas specialist Dresser-Rand Inc. to boost the company’s installed base of equipment and gain the associated lucrative service contracts.
Mitsubishi Heavy Industries Compressor International Corp. officially opened its $75 million manufacturing plant in Pearland, where it plans to put the finishing touches on compressors and steam turbines supplied to customers in the petrochemical sector.
Saturday’s focus shifted to the private sector, with several companies announcing agreements, including some from Germany’s Siemens AG that were the largest single package signed at the three-day conference.
The proposed deal may reduce competition for equipment used by companies active throughout the oil and gas distribution chain, including exploration, storage and refining, the European Commission said in an e-mailed statement today.
FuelFix.com is your daily must-read source for news and analysis on the energy business. Anchored by business reporters at the Houston Chronicle and other Hearst Newspapers, Fuel Fix incorporates blogs by energy experts, market updates, useful data and a real-time summary of the top ideas, hottest stories and latest news in the oil, gas and energy industries.
Browse previous blog posts by month and year of entry. You'll see all the posts for that time period.