NEW YORK--General Electric Co. (GE) on Monday agreed to buy
Cameron International Corp.'s (CAM) reciprocating-compression unit
for $550 million.
The Cameron division, which provides reciprocating-compression
equipment and aftermarket parts and services for the oil and gas
industry, employs about 900 people and had sales of about $355
million in 2012.
Cameron, a Houston oil-and-gas equipment maker, said it expects
to post a loss of about $100 million on the sale, reflecting the
write-off of goodwill.
Cameron also said it would explore strategic alternatives for
its centrifugal-compression business, as the company moves to
streamline its operations and focus on its core businesses.
General Electric said GE Oil & Gas, one of its
fastest-growing units, will add the Cameron business to its
recently formed downstream-technology-solutions unit.
Write to Colin M. Kellaher at colin.kellaher@wsj.com
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