PRINT THIS PAGE US First Reserve buys Dresser-Rand for $1.2bn26/08/2004. Source: AltAssets. 
 US private equity energy specialist First Reserve has acquired Ingersoll-Rand's equipment unit for $1.2bn. Dresser-Rand produces equipment such as turbines and compressors and provides aftermath services to the energy industry.
The sale is intended to allow Ingersoll, whose products include Bobcat construction vehicles, Schlage locks and Thermo King refrigeration equipment, to focus on what it considers its core businesses.
'Dresser-Rand does not fit strategically with our core business,' Herber Henkel, Ingersol's chief executive told Reuters. 'This divestiture will enhance the focus in our remaining business segments; climate control, industrial solutions, infrastructure and security and safety.'
First Reserve is currently managing a total of $4.7bn, across four active funds, for investment in the energy sector. The acquisition of Dresser-Rand was financed through the firm's $2.3bn First Reserve Fund X.
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