Cameron International agreed to sell its centrifugal compression business to Ingersoll-Rand for $850 million. Cameron in January entered an agreement with GE to sell its reciprocating compression division for $550 million. It was reported at that time Cameron was also exploring strategic alternatives for the centrifugal compression unit. Cameron is in the process of divesting certain assets in order to focus on its core businesses.
“The leadership team at Ingersoll-Rand is impressed with the people, technology and performance of the Centrifugal Compression division and sees a strong strategic fit for their business,” said Jack Moore, president and CEO of Cameron.
Ingersoll-Rand said the acquisition would allow it to expand its compression offerings into air separation, petrochemical, chemical and process gas. The transaction is expected to close by the end of the year.
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