HOUSTON, June 3, 2014 /PRNewswire/ -- Cameron (NYSE: CAM) announced that it has completed the previously announced sale of its Reciprocating Compression business to GE (NYSE:GE) for cash consideration of approximately $550 million.
Jack Moore, Cameron Chairman, President and Chief Executive Officer stated, "The divestiture of our Reciprocating Compression business is consistent with our strategy to build on strong sales and order momentum in our core markets while selectively expanding product and service offerings in strategic growth areas. On behalf of our entire organization, I'd like to thank Reciprocating Compression employees for their many contributions to Cameron and wish them well at GE."
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries. For more information, visit www.c-a-m.com.
This document includes forward-looking statements regarding the Company's strategy. These statements are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual events and/or their results may differ materially from those described in the forward-looking statements. Such statements are based on current expectations and are subject to risks and uncertainties that may result from a variety of factors, some not under the control of the Company. A discussion of certain factors that may affect actual events is contained in Cameron's filings from time to time with the Securities and Exchange Commission.Because the information herein is based solely on the Company's present intent, it is subject to change, in some cases to changes over which the Company may not have control or influence, and should therefore not be viewed as assurance the matters described will occur or will occur as described. The Company is not obligated to make public indication of any change unless required under applicable disclosure rules and regulations.