HOUSTON, April 25, 2011 /PRNewswire/ -- Dresser-Rand Group Inc. ("Dresser-Rand") (NYSE: DRC) announced today that it has received an order from Valero Energy Corporation's joint venture company, Diamond Green Diesel, LLC, to supply the critical rotating equipment for a new unit that will produce "renewable diesel fuel."
This project will be the first full-scale application of its kind in the U.S. to use an innovative hydroprocessing process from Honeywell's UOP known as the UOP/Eni Ecofining™ process to convert recycled animal fats, recycled cooking oils and other feedstocks into high-quality green diesel fuel. The feedstock for the plant will be supplied by the other joint venture partner, Darling International, Inc., America's leading provider of rendering, recycling and recovery solutions to the nation's food industry.
"Our support of this innovative process technology further demonstrates Dresser-Rand's ability to supply the emerging environmental solutions markets with our existing technology platforms and products," said Jim Heid, Dresser-Rand's vice president, Business Solutions. "This is a unique project for many reasons including that it's a renewable fuels project and is the first of its kind. Diamond Green Diesel is very excited about this project and saw Dresser-Rand as the best supplier to work with on a new technology."
The plant will be located in Norco, LA near Valero's St. Charles refinery site and is expected to produce approximately 137 million gallons per year of "renewable diesel fuel," which is considered a second generation fuel. Dresser-Rand will supply critical rotating equipment for this project including two reciprocating compressors, a DATUM centrifugal compressor and controls system.
Valero Energy Corporation is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Its assets include 14 petroleum refineries with a combined throughput capacity of approximately 2.6 million barrels per day, 10 ethanol plants with a combined production capacity of 1.1 billion gallons per year, and a 50-megawatt wind farm. Valero is also one of the largest retail operators with approximately 5,800 retail and branded wholesale outlets in the United States, Canada and the Caribbean under the Valero, Diamond Shamrock, Shamrock, Ultramar and Beacon brands. Based in San Antonio, Valero is a Fortune 500 company with approximately 20,000 employees. Please visit www.valero.com for more information.
Dresser-Rand is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. Dresser-Rand operates manufacturing facilities in the United States, France, United Kingdom, Germany, Norway, India, and China, and maintains a network of 39 service and support centers covering more than 140 countries. Dresser-Rand has principal offices in Houston, Texas, and Paris, France. For more information, visit www.dresser-rand.com.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements with respect to planned or proposed repurchase of shares of common stock. Forward-looking statements include, without limitation, Dresser-Rand's plans, objectives, goals, strategies, future events, future revenue, or performance, capital expenditures, financing needs, plans, or intentions relating to acquisitions, business trends, executive compensation, and other information that is not historical information. The words "anticipates", "believes", "expects," "intends", and similar expressions identify such forward-looking statements. Although Dresser-Rand believes that such statements are based on reasonable assumptions, these forward-looking statements are subject to numerous factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include, among others, the following: potential for material weaknesses in its internal controls; economic or industry downturns; its inability to implement its business strategy to increase aftermarket parts and services revenue; competition in its markets; failure to complete or achieve the expected benefits from any future acquisitions; economic, political, currency and other risks associated with international sales and operations; fluctuations in currencies and volatility in exchange rates; loss of senior management; environmental compliance costs and liabilities; failure to maintain safety performance acceptable to its clients; failure to negotiate new collective bargaining agreements; unexpected product claims and regulations; infringement on its intellectual property or infringement on others' intellectual property; difficulty in implementing an information management system; and Dresser-Rand's brand name may be confused with others. These and other risks are discussed in detail in Dresser-Rand's filings with the Securities and Exchange Commission at www.sec.gov. Actual results, performance, or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. Dresser-Rand can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them does, what impact they will have on results of operations and financial condition. Dresser-Rand undertakes no obligation to update or revise forward-looking statements, which may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. For information about Dresser-Rand, go to its website at www.dresser-rand.com.
SOURCE Dresser-Rand Group Inc.