Dresser-Rand Acquires Compressor Renewal Services

HOUSTON (AP) — Dresser-Rand Group Inc., which makes equipment for the petroleum industry, said Tuesday it acquired the assets of Compressor Renewal Services Ltd.

Dresser-Rand did not disclose the terms of the deal. The purchase includes a 70,000 square-foot facility in Odessa, Texas, owned by the provider of services to the gas transmission industry.

Dresser-Rand said the purchase will become the new site for its service center, currently located in Midland, Texas.

"We see this acquisition as enhancing Dresser-Rand's ability to service installed equipment other than our own in the North American pipeline industry," said Luciano Mozzato, Dresser-Rand's executive vice president of product services worldwide.

Shares of Dresser-Rand rose 6 cents to $29.76 in morning trading.