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In February 2000, Ingersoll-Rand purchased
Halliburton’s share of the Dresser-Rand joint venture.
Dresser-Rand India Private Limited, with
headquarters in Mumbai (formerly Bombay), India, began operations in April
2000. Its Naroda plant manufactures low-horsepower D-R reciprocating
compressors.
In July 2000, Ingersoll-Rand Company, a leading
diversified industrial firm, announced that it had agreed to sell the
reciprocating gas compressor packaging and rental business of its Dresser-Rand
unit to Hanover Compressor Company for $190 million. The sale included a
compressor-packaging facility in Broken Arrow, Oklahoma, and related sales and
services offices.
In October 2004, First Reserve Corporation (FRC)
purchased Dresser-Rand from Ingersoll-Rand. FRC is the largest private equity
firm specializing in the energy industry with more than $4.5 billion under
management.
In January 2005, D-R sold its interest in
Paragon Engineering Services, Inc. to AMEC, an international project
management and services company.
Within a year (August 2005) of acquiring
Dresser-Rand, FRC took D-R public with an initial public offering (IPO) of
common stock (NYSE: DRC).
Coinciding with the IPO was D-R’s purchase of
certain assets of Tuthill Energy Systems that included the manufacturing
facilities for the Coppus, Murray, and Nadrowski line of steam turbine
products and Coppus industrial ventilators.
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