Dresser-Rand Expands Two-Year-Old Policy to Prohibit Subsidiaries From Taking New Business in Iran to Now Cover Aftermarket Parts and Services

HOUSTON, March 10 /PRNewswire-FirstCall/ -- Dresser-Rand Group Inc. ("Dresser-Rand" or the "Company") (NYSE: DRC), a global supplier of rotating equipment, announced today that it was expanding its previous decision in January 2008 barring its subsidiaries from entering into new contracts for any new units from states designated as sponsoring terrorism, such as Iran, to now cover all new business, including for replacement parts and services.

According to the Company, "We made the decision over two years ago not to continue to participate in the infrastructure build out in these countries, and thus prohibited our foreign subsidiaries from thereafter taking on additional new unit business. This was the more significant decision as our foreign affiliates forfeited participating in a variety of potential projects. We continue to stand by that decision as having been the right thing to do.

"The decision today to discontinue the supply of aftermarket parts and services is believed to be of little financial consequence to our company, and is being made given the recent political events over the past several months.

"It should also be noted that the replacement parts and services provided to such states were primarily for petrochemical, refinery and gas processing equipment, the products of which principally serve domestic energy markets for use in applications such as transportation and the heating of homes, and was in any case not destined for use in any type of nuclear facilities. We believe that these parts and services will now either be provided by the local equipment operators in country or by those of our overseas competitors who continue to serve these markets."

The Company expects that the financial impact of today's decision will not be material to the Company.

About Dresser-Rand

Dresser-Rand is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries.  The Company operates manufacturing facilities in the United States, France, United Kingdom, Germany, Norway, India, and China, and maintains a network of 37 service and support centers covering more than 140 countries.

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include, without limitation, the Company's plans, objectives, goals, strategies, future events, future bookings, revenues, 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", "appears", "outlook", and similar expressions identify such forward-looking statements.  Although the Company 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; the variability of bookings due to volatile market conditions, subjectivity clients exercise in placing orders, and timing of large orders; volatility and disruption of the credit markets; its inability to generate cash and access capital on reasonable terms and conditions; 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 the Company's brand name may be confused with others.  These and other risks are discussed in detail in the Company'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.  The Company 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.  The Company 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.

DRC-FIN

SOURCE Dresser-Rand Group Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED