Schumer Optimistic About Job Retention and Potentially Growth at Dresser-Rand in Southern Tier & WNY Operations

Press Release

Today, after holding personal phone calls with executives at both Dresser-Rand and Siemens, U.S. Senator Charles E. Schumer stated that he is optimistic about job retention and potentially growth following Siemens's purchase of Dresser-Rand. Schumer made personal phone calls to the CEO of Dresser-Rand, Vincent Volpe, and the CEO of Siemens's Energy Business, Lisa Davis, and urged them to preserve jobs at Dresser-Rand in the Southern Tier and Western New York. Following his conversations, he is cautiously optimistic that a Siemens-owned Dresser-Rand will preserve jobs and could actually grow the company's presence in the region, under the right economic circumstance and corporate strategy. Schumer vowed to continue to monitor the developments and do everything he can to increase Dresser-Rand's presence in the Southern Tier and Western New York.

"I talked yesterday with the top executives from both Siemens and Dresser-Rand to stress the critical importance of preserving and building on the productive and talented local workforce in Olean, Wellsville and Painted Post -- and they both said that their focus is on growth," said Schumer. "In Dresser, Siemens bought a profitable company that does not significantly overlap with their current operations, and they have indicated they want to grow it to expand their American and global market share. If Siemens is strategic, there is a real possibility that jobs will grow and not shrink."

Under the deal announced Monday, Siemens, a German electronics and engineering company, will purchase Dresser-Rand for $7.6 billion, or $83 per share. Dresser-Rand employs thousands of people at facilities across the Southern Tier and Western New York, in Painted Post, Wellsville and Olean.

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