Rotating equipment and solutions supplier Dresser-Rand has closed on its previously-announced acquisition of Synchrony, 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, the company said.
Synchrony is a technology development company with a portfolio of world-class technologies and products including active magnetic bearings (AMB), high speed motors and generators, and power electronics for clean, efficient, and reliable rotating machinery.
A private company founded in 1993, Synchrony is headquartered in Roanoke County, Virginia, where it develops, manufactures, and tests its products in an ISO 9001-certified facility that includes a best-in-class model shop for rapid prototype fabrication and assembly.
The agreement was first announced on December 7, 2011.