GE has agreed to buy Cameron’s reciprocating compression division for $550 million — a move it hopes will augment the rapid growth of its oil and gas business. GE Oil & Gas is capitalizing on the shale boom in the United States and aspires to more of the same in regions such as Asia and South America. Cameron’s reciprocating compression unit has roughly 900 employees spread across 20 global locations and recorded sales of $355 million in 2012.
Meanwhile, Cameron announced it is “exploring strategic alternatives” for its centrifugal compression division as part of a broader effort to focus on its core businesses. The centrifugal compression division logged sales of $365 million in 2012.
