First Reserve Corporation, Odyssey Investment Partners LLC, and Management Complete Purchase of Dresser, Inc. From Halliburton Company

Apr 10, 2001, 01:00 ET from Dresser, Inc.

    DALLAS, April 10 /PRNewswire/ -- Dresser, Inc. Chairman of the Board,
 William E. Macaulay, announced today that private equity firms First Reserve
 Corporation and Odyssey Investment Partners, joining with certain members of
 Dresser, Inc.'s management, have officially completed their purchase of the
 company from Halliburton Company (NYSE:   HAL).  The value of the transaction is
 $1.3 billion.
     Dresser, Inc. CEO and President, Patrick M. Murray, commented, "The new
 Dresser has a strong market presence in all its offerings, a committed
 workforce, and a long history of technical innovation.  Our company is poised
 for solid growth as the global energy industry invests in infrastructure.
 Since 1982 investment in facilities and equipment in the energy industry has
 lagged relative to the increases in energy demand.  We believe this lack of
 investment has created a very favorable climate for our businesses."
     In 2000, approximately 84% of Dresser's $1.4 billion in revenues came from
 energy infrastructure spending.  Two of the largest end markets for Dresser
 products and services are natural gas and power generation, which accounted
 for 45% of revenues.
     Mr. Macaulay remarked, "We are extremely pleased to complete this
 transaction and to finance it on favorable terms, particularly given the
 recent challenges in the capital markets.  Our ability to raise significant
 financing in this environment reflects confidence in the long-term growth
 prospects of Dresser as a leader in the energy industry, the quality of Pat
 Murray and his management team, and the proven track records of First Reserve
 and Odyssey.  Our understanding is that both the credit facilities and the
 high yield offering were significantly oversubscribed, and that Dresser was
 able to obtain the best high yield pricing for an industrial leveraged buyout
 in over two years."
     Headquartered in Dallas, Texas, Dresser, Inc. is a worldwide leader in the
 design, manufacture and marketing of highly engineered equipment and services
 sold primarily to customers in the flow control, measurement, and power
 systems segments of the energy industry.  Dresser has a widely distributed
 global presence, with over 8,500 employees in over 100 countries worldwide.
 The company's website can be accessed at www.dresser.com.
     With headquarters in Greenwich, CT and offices in Houston, TX and Denver,
 CO, First Reserve Corporation is a private equity firm specializing in the
 energy industry.  First Reserve's website can be accessed at www.frcorp.com.
 Odyssey Investment Partners LLC is a New York-based private equity firm that
 invests in management-backed leveraged acquisitions, growth financing and
 recapitalization of manufacturing, financial services and communications
 companies.  Odyssey's website can be accessed at www.odysseyinvestment.com.
 
 

SOURCE Dresser, Inc.
    DALLAS, April 10 /PRNewswire/ -- Dresser, Inc. Chairman of the Board,
 William E. Macaulay, announced today that private equity firms First Reserve
 Corporation and Odyssey Investment Partners, joining with certain members of
 Dresser, Inc.'s management, have officially completed their purchase of the
 company from Halliburton Company (NYSE:   HAL).  The value of the transaction is
 $1.3 billion.
     Dresser, Inc. CEO and President, Patrick M. Murray, commented, "The new
 Dresser has a strong market presence in all its offerings, a committed
 workforce, and a long history of technical innovation.  Our company is poised
 for solid growth as the global energy industry invests in infrastructure.
 Since 1982 investment in facilities and equipment in the energy industry has
 lagged relative to the increases in energy demand.  We believe this lack of
 investment has created a very favorable climate for our businesses."
     In 2000, approximately 84% of Dresser's $1.4 billion in revenues came from
 energy infrastructure spending.  Two of the largest end markets for Dresser
 products and services are natural gas and power generation, which accounted
 for 45% of revenues.
     Mr. Macaulay remarked, "We are extremely pleased to complete this
 transaction and to finance it on favorable terms, particularly given the
 recent challenges in the capital markets.  Our ability to raise significant
 financing in this environment reflects confidence in the long-term growth
 prospects of Dresser as a leader in the energy industry, the quality of Pat
 Murray and his management team, and the proven track records of First Reserve
 and Odyssey.  Our understanding is that both the credit facilities and the
 high yield offering were significantly oversubscribed, and that Dresser was
 able to obtain the best high yield pricing for an industrial leveraged buyout
 in over two years."
     Headquartered in Dallas, Texas, Dresser, Inc. is a worldwide leader in the
 design, manufacture and marketing of highly engineered equipment and services
 sold primarily to customers in the flow control, measurement, and power
 systems segments of the energy industry.  Dresser has a widely distributed
 global presence, with over 8,500 employees in over 100 countries worldwide.
 The company's website can be accessed at www.dresser.com.
     With headquarters in Greenwich, CT and offices in Houston, TX and Denver,
 CO, First Reserve Corporation is a private equity firm specializing in the
 energy industry.  First Reserve's website can be accessed at www.frcorp.com.
 Odyssey Investment Partners LLC is a New York-based private equity firm that
 invests in management-backed leveraged acquisitions, growth financing and
 recapitalization of manufacturing, financial services and communications
 companies.  Odyssey's website can be accessed at www.odysseyinvestment.com.
 
 SOURCE  Dresser, Inc.