Dresser-Rand Group Inc. (NYSE: DRC), a supplier of rotating equipment and aftermarket parts and services, has signed a definitive agreement to acquire Virginia-based Synchrony Inc. for $50 million net of cash acquired. The transaction is expected to close in January 2012.
Synchrony is a technology development company with a portfolio of technologies and products including active magnetic bearings (AMB), high speed motors and generators, and power electronics for clean, efficient, and reliable rotating machinery.
As part of the agreement, Dresser-Rand will acquire Synchrony Inc. for approximately $50 million net of cash acquired. The agreement includes the potential for additional consideration of up to a maximum of $10 million tied to technical milestones and to business performance.
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