Siemens Turbomachinery Equipment develops, produces and distributes single-stage compressors and small steam turbines for environmental and industrial applications. For the fiscal year ended September 2016, Siemens Turbomachinery Equipment had revenues of €146 million.
The acquisition will be integrated into Colfax’s Howden business platform.
“I am delighted to welcome the Siemens Turbomachinery Equipment team to Colfax,” said Matt Trerotola, president and CEO of Colfax. “We are excited by the opportunities created by combining STE with Howden’s global footprint, continuous improvement culture and aftermarket capabilities. The acquisition expands our end markets and product portfolio in environmental and industrial markets worldwide.”
“We are very pleased to have entered into an agreement with a prestigious strategic purchaser such as Colfax. Colfax, with its subsidiary Howden, is the ideal purchaser to strengthen the business’s overall competitive position. The sale enables the business to successfully expand in its core business of compressor production for numerous applications, including small steam turbines and associated services,” said Christopher Rossi, CEO of the Dresser-Rand business, part of Siemens Power and Gas Division.
The deal is expected to close in the fourth quarter of 2017, following completion of carve-out activities and fulfillment of customary closing conditions, including receipt of applicable regulatory approvals.
