- Dresser Industries
-
Dresser Industries was a multinational corporation headquartered in Dallas, Texas, United States, which provided a wide range of technology, products, and services used for developing energy and natural resources. In 1998, Dresser merged with its main rival Halliburton,[1] Halliburton sold many of former Dresser non "oil patch" divisions, retaining the M W Kellogg Engineering and Construction Company and the Dresser oil-patch products and services that complemented Halliburton's energy and natural resource businesses. In 2001 Halliburton sold five separate, but somewhat related former Dresser non "oil patch" divisions, to an investment banking firm. Those five operations later took the name "Dresser Inc." In October 2010, Dresser Inc., was acquired by General Electric[2]. It is headquartered in Addison, Texas.[3]
Contents
History
Founding
It was founded by Solomon Robert Dresser (1842–1911), who manufactured a product that he devised for drillers to keep oil and water separated underground.[4]
Dresser created a "packer", using rubber for a tight fit, and after taking out a patent on May 11, 1880, he began advertising and selling his product, the Dresser Cap Packer, from Bradford, Pennsylvania, in the heart of the oilfields. Dresser's packer was one of many available on the market, and it was another invention that saw a substantial expansion of the company. A flexible coupling, the Dresser Joint, that he built in 1885 to join pipes together in such a way that they would not leak natural gas. This coupling also used rubber for a tight fit, and it was so successful that it permitted for the first time the long-range transmission of natural gas from the gas fields where it was extracted to the cities which were the main gas consumers.[4]
As the natural gas industry prospered and expanded after 1900, Dresser's company grew as pipelines were built over great distances. By 1927 the company's annual sales had reached US$3.7 million and was employing 400 workers.[4]
Public offering
Following Dresser's death, his descendants decided to sell it, and in 1928 the Wall Street investment-banking firm of W. A. Harriman and Company, Inc., converted the firm into a public company by issuing 300,000 shares of stock.
H. Neil Mallon was selected as president and chief executive officer; holding that position until his retirement in 1962. Under Mallon, Dresser began a program of acquisitions designed to help it survive the threat posed to its core business by the introduction of welding for joining pipes together. Starting in 1930 Dresser began acquiring companies that manufactured valves, heaters, pumps, engines and compressors and the company diversified into such products as oil derricks, blowers, drill bits, refractories, and drilling mud.[4]
In 1950 the company headquarters moved to Dallas to be near the center of the nation's major oil and gas fields. It continued to purchase well-known companies involved in manufacturing such things as overhead cranes, gasoline-dispensing pumps, and heavy equipment for mining and construction. During the 1980s, as the oil industry began to decline, Dresser's chairman, John Murphy, began to streamline the organization of the company, eliminating its insurance, mining, and construction-equipment divisions.[4]
Please see "Initiatives In Energy, Dresser Industries, Inc., 1880-1978" by Darwin Payne, Simon and Schuster, New York, NY. This will fill in the blanks of the progressive years that Dresser Industries grew under Mr. John Lawerance, Mr. James (Jack) James, and Mr. James R Brown, Jr. Without this knowledge, you only have part of the history of a great company and all the people who worked to make it great.
In 1968, the Wayne Oil Tank and Pump Company, established in 1891,[5] merges with Dresser,[6] becoming the Dresser-Wayne Company.[7]
On January 1, 1987 Dresser Industries and Ingersoll-Rand merged to form Dresser-Rand Company with headquarters in Corning, New York. The newly formed company had 10 manufacturing and testing facilities, 70 sales offices, 30 service centers and more than 7,300 employees. The partnership started as a 50-50 relationship, but later Dresser took a 51% share of the assets while Ingersoll-Rand had 49%.[8]
By 1993, it generated sales of more than US$4 billion, and employed 31,800 people in fifty countries. The company had three major divisions: Oil Field Products and Services, Industrial Operations, and Energy Processing and Conversion Equipment. It spun off some of its manufacturing divisions, but crucially agreed to retain asbestos claims filed before the spinoff.[4]
In 1994 the company expanded through acquisitions of Wheatley TXT (a manufacturer of pumps, valves, and metering equipment) and the Baroid Corporation (an oil-services firm in Houston that had been a direct competitor). To comply with federal antitrust regulations, Dresser sold off its interest in M-I Drilling Fluids Company and Western Atlas International. Upon completion of the Baroid merger, Dresser became the third-largest oil-services company in the world.[4]
Merger with Halliburton
In 1998, Dresser merged with its main rival Halliburton and became known as Halliburton Company.[1] Dick Cheney negotiated the US$7.7 billion deal, reportedly having done so during a weekend of quail-hunting. In 2001, Halliburton was forced to settle the asbestos lawsuits that it acquired as a result of purchasing Dresser, causing the company's stock price to fall by eighty percent in just over a year.[9]
The New Dresser
Dresser Inc. Type Private[10] Founded 2001 (but see article) Headquarters Addison, Texas Key people President, CEO and Director - John P. Ryan[10]
SVP Human Resources - Mark J. Scott[10]Revenue US$2bn (2007)[10] Employees 6,400 (2007)[10] Website Dresser Inc. On 10 April 2001 the Dresser division (excluding the former Kellogg division) entered an agreement to separate itself once again from Halliburton by management purchasing its equity, the new company to be called Dresser, Inc.
The new Dresser is a leading global multi-national owned by First Reserve Corporation (U.S. based investment firm) and company management. Dresser, Inc. sells, services, and supports products that include: actuators, valves, meters, instruments, regulators, switches, natural gas fueled engines, piping specialties, retail and fleet fuel dispensers, blowers, and outdoor payment and point-of-sale systems.
Dresser operates in more than 60 countries with four principal business segments: Measurement and Distribution Systems, Flow Technologies, Infrastructure Solutions, and Power and Compression Systems. The company's marketed brands are mainly under the trade names Masoneilan, Consolidated, Becker, Mooney, ROOTS, Waukesha engines, and Wayne fuel pumps.
See also
References
- ^ a b "Dresser-Rand history 1995-1999". Dresser-Rand. http://www.dresser-rand.com/aboutus/history6.asp. Retrieved 2009-04-24.
- ^ GE to Buy Dresser for $3 Billion to Bolster Oil, Gas, Bloomberg News, October 6, 2010
- ^ "Contact Dresser." Dresser Industries. Retrieved on January 7, 2010.
- ^ a b c d e f g Payne, Darwin. "Handbook of Texas - Dresser Industries". Texas State Historical Association. http://www.tshaonline.org/handbook/online/articles/DD/dod4.html. Retrieved 2009-04-24.
- ^ Dresser Wayne Celebrates Milestone With 500,000th Fuel Dispenser, National Association of Convenience Stores, 9 August 2010 (retrieved 20 August 2010)
- ^ http://www.dresserwayne.com/index.cfm/go/content-detail/?dresserpage=Dresser%20Wayne%20Timeline
- ^ GAS PUMP COMPANY HISTORIES, Petrolian Collectibles (retrieved 20 August 2010)
- ^ "Dresser-Rand history 1981-1989". Dresser-Rand. http://www.dresser-rand.com/aboutus/history4.asp. Retrieved 2009-04-24.
- ^ Birger, Jon (2001-03-01). "Halliburton Blues". CNNmoney.com. http://money.cnn.com/magazines/moneymag/moneymag_archive/2002/03/01/318586/index.htm. Retrieved 2009-04-24.
- ^ a b c d e "Hoovers Company Profile - Dresser Inc.". Hoovers. http://www.hoovers.com/dresser/--ID__105904--/free-co-factsheet.xhtml. Retrieved 2009-04-24.
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