Dresser Industries
Encyclopedia
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
, 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
. It is headquartered in Addison, Texas
.
(1842–1911), who manufactured a product that he devised for drillers to keep oil and water separated underground.
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.
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.
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 valve
s, heaters, pump
s, engine
s and compressors
and the company diversified into such products as oil derricks
, blowers, drill bits, refractories
, and drilling mud.
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.
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, merges with Dresser, becoming the Dresser-Wayne Company.
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%.
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.
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.
and became known as Halliburton Company. 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.
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.
Multinational corporation
A multi national corporation or enterprise , is a corporation or an enterprise that manages production or delivers services in more than one country. It can also be referred to as an international corporation...
headquartered in Dallas, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, 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
Halliburton
Halliburton is the world's second largest oilfield services corporation with operations in more than 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands and divisions worldwide and employs over 50,000 people....
, 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
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
. It is headquartered in Addison, Texas
Addison, Texas
Addison is a city in Dallas County, Texas . The population was 14,166 at the 2000 census, and 15,737 according to a 2009 estimate. Addison is a northern suburb of Dallas...
.
Founding
It was founded by Solomon Robert DresserSolomon Robert Dresser
Solomon Robert Dresser was an inventor and a Republican member of the U.S. House of Representatives from Pennsylvania....
(1842–1911), who manufactured a product that he devised for drillers to keep oil and water separated underground.
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
Bradford, Pennsylvania
Bradford is a small city located in rural McKean County, Pennsylvania, in the United States 78 miles south of Buffalo, New York. Settled in 1823, Bradford was chartered as a city in 1879 and emerged as a wild oil boomtown in the Pennsylvanian oil rush in the late 19th century...
, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
, in the heart of the oilfields. Dresser's packer was one of many available on the market, and it was another invention
Invention
An invention is a novel composition, device, or process. An invention may be derived from a pre-existing model or idea, or it could be independently conceived, in which case it may be a radical breakthrough. In addition, there is cultural invention, which is an innovative set of useful social...
that saw a substantial expansion of the company. A flexible coupling
Expansion joint
An expansion joint or movement joint is an assembly designed to safely absorb the heat-induced expansion and contraction of various construction materials, to absorb vibration, to hold certain parts together, or to allow movement due to ground settlement or earthquakes...
, the Dresser Joint, that he built in 1885 to join pipes together in such a way that they would not leak natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
. 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.
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.
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
Welding
Welding is a fabrication or sculptural process that joins materials, usually metals or thermoplastics, by causing coalescence. This is often done by melting the workpieces and adding a filler material to form a pool of molten material that cools to become a strong joint, with pressure sometimes...
for joining pipes together. Starting in 1930 Dresser began acquiring companies that manufactured valve
Valve
A valve is a device that regulates, directs or controls the flow of a fluid by opening, closing, or partially obstructing various passageways. Valves are technically pipe fittings, but are usually discussed as a separate category...
s, heaters, pump
Pump
A pump is a device used to move fluids, such as liquids, gases or slurries.A pump displaces a volume by physical or mechanical action. Pumps fall into three major groups: direct lift, displacement, and gravity pumps...
s, engine
Engine
An engine or motor is a machine designed to convert energy into useful mechanical motion. Heat engines, including internal combustion engines and external combustion engines burn a fuel to create heat which is then used to create motion...
s and compressors
Gas compressor
A gas compressor is a mechanical device that increases the pressure of a gas by reducing its volume.Compressors are similar to pumps: both increase the pressure on a fluid and both can transport the fluid through a pipe. As gases are compressible, the compressor also reduces the volume of a gas...
and the company diversified into such products as oil derricks
Derrick
A derrick is a lifting device composed of one tower, or guyed mast such as a pole which is hinged freely at the bottom. It is controlled by lines powered by some means such as man-hauling or motors, so that the pole can move in all four directions. A line runs up it and over its top with a hook on...
, blowers, drill bits, refractories
Refractory
A refractory material is one that retains its strength at high temperatures. ASTM C71 defines refractories as "non-metallic materials having those chemical and physical properties that make them applicable for structures, or as components of systems, that are exposed to environments above...
, and drilling mud.
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
John Murphy
-In politics:*John Murphy , American Democratic Governor and Congressman from Alabama*John Murphy , Member of the UK Parliament for East Kerry, 1900–1910*John W...
, began to streamline the organization of the company, eliminating its insurance, mining, and construction-equipment divisions.
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, merges with Dresser, becoming the Dresser-Wayne Company.
On January 1, 1987 Dresser Industries and Ingersoll-Rand merged to form Dresser-Rand Company with headquarters in Corning, New York
Corning (town), New York
Corning is a town in Steuben County, New York, USA. The town is in the eastern part of the county and borders the city of Corning. The town population was 6,426 at the 2000 census...
. 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%.
By 1993, it generated sales of more than US$4 billion
1000000000 (number)
1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001.In scientific notation, it is written as 109....
, 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
Asbestos
Asbestos is a set of six naturally occurring silicate minerals used commercially for their desirable physical properties. They all have in common their eponymous, asbestiform habit: long, thin fibrous crystals...
claims filed before the spinoff.
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
Antitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
regulations, Dresser sold off its interest in M-I Drilling Fluids Company and Western Atlas
Western Atlas
Western Atlas was formed in 1987 through the merger of Western Geophysical and Dresser Atlas. The resulting company was a joint venture of Litton and Dresser Industries until it was spun off as a publicly traded company in 1994....
International. Upon completion of the Baroid merger, Dresser became the third-largest oil-services company in the world.
Merger with Halliburton
In 1998, Dresser merged with its main rival HalliburtonHalliburton
Halliburton is the world's second largest oilfield services corporation with operations in more than 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands and divisions worldwide and employs over 50,000 people....
and became known as Halliburton Company. Dick Cheney
Dick Cheney
Richard Bruce "Dick" Cheney served as the 46th Vice President of the United States , under George W. Bush....
negotiated the US$7.7 billion deal, reportedly having done so during a weekend of quail
Quail
Quail is a collective name for several genera of mid-sized birds generally considered in the order Galliformes. Old World quail are found in the family Phasianidae, while New World quail are found in the family Odontophoridae...
-hunting. In 2001, Halliburton was forced to settle the asbestos
Asbestos
Asbestos is a set of six naturally occurring silicate minerals used commercially for their desirable physical properties. They all have in common their eponymous, asbestiform habit: long, thin fibrous crystals...
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.
The New Dresser
On 10 April 2001 the Dresser division (excluding the former Kellogg division) entered an agreement to separate itself once again from HalliburtonHalliburton
Halliburton is the world's second largest oilfield services corporation with operations in more than 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands and divisions worldwide and employs over 50,000 people....
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
First Reserve Corporation
First Reserve Corporation is a private equity firm specializing in leveraged buyouts and growth capital investments in the energy sector. First Reserve was founded in 1984 and is the oldest private equity dedicated to investments in the energy sector.....
(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.