Siemens has agreed to acquire US oil and gas equipment manufacturer Dresser - Rand in a deal worth $7.6 billion, giving the German engineering giant a strong foothold in the booming US shale energy business. Among other things, the deal will help Siemens compete more effectively against US rival General Electric, which expanded its oil and gas division last year with the acquisition of Texas - based oil - field pump maker Lufkin Industries ( IOD Apr.9'13 ).
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