Synchrony Technology Blog

As was reported in a recent press release, Synchrony Inc. has reached an agreement to be acquired by Dresser-Rand. We expect that the acquisition will be completed in January 2012, and I would like to provide you now with some details about our plans for the future.

First of all, our current business activities will continue in their present form after the planned acquisition. We value our relationships and we will continue to provide our customers with leading technology, quality, and service. Synchrony will continue to offer our magnetic bearings, high-speed motors and generators, and power electronics in the defense, HVAC, industrial process, water/wastewater, and renewable energy markets.

After the planned acquisition by Dresser Rand, Synchrony's current management team will remain in place and I will continue to lead the business unit. All of our employees will be retained--we recognize that the value that Synchrony offers its customers is derived from the talent and commitment of our employees. Synchrony's main operations will remain in Roanoke, Virginia.

The combination with Dresser-Rand will allow us to better serve our customers. Dresser-Rand is recognized globally as a leading supplier of rotating equipment products and services. Its extensive resources and international presence will allow us to more quickly identify and exploit new opportunities with our partners.

The planned acquisition will also allow us to expand our offerings in the Oil & Gas market, which is a key market for Dresser-Rand. Already, we are working with Dresser-Rand on compression systems for off-shore production, including "subsea" applications that are located on the seabed. For these applications, Synchrony's magnetic bearing technology offers advantages in performance, reliability, and size.

On a personal note, the planned acquisition marks an important milestone for me. I founded Synchrony in 1993 with the belief that magnetic bearings would revolutionize turbomachinery by improving performance, reliability, and value. I am very proud of the success Synchrony has achieved so far and look forward to continuing this crusade as part of Dresser-Rand.