A local high-tech company is getting new owners. Synchrony is being purchased by a Texas-based company for about $50 million.
Synchrony is based in Roanoke County and makes high-speed motors, generators and bearings. Dresser-Rand Group, the new owner, announced Wednesday morning that the deal was complete.
Here is the complete announcement from Dresser-Rand Group:
Houston, Texas, Jan. 4, 2011 – Dresser-Rand Group Inc. ("Dresser-Rand" or "the Company") (NYSE: DRC), a global supplier of high-speed rotating equipment and service solutions, announced today that it closed the previously announced acquisition of 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.
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.
On December 7, 2011, the Company signed a definitive agreement to acquire Synchrony, Inc.
