The $3 billion deal is the latest in a series of acquisitions over the last 10 years that has helped grow GE's energy business and deliver record profitability. The addition of Dresser's portfolio, which includes technologies for gas engines, control and relief valves, measurement, regulation and control solutions for gas and fuel distribution, will expand [image-nocss] GE's core energy offerings and extend its reach into adjacent offerings for its energy and industrial customers.
The deal is subject to customary closing conditions and is expected to close promptly after receiving regulatory approval.
Headquartered in Addison, Texas, Dresser operates in more than 100 countries, delivering compression, flow technology, measurement and distribution infrastructure and services to customers in more than 150 countries. Dresser had revenues of $2 billion and earnings of $318 million in 2009.
Fairfield, Conn.-based GE is a diversified infrastructure, finance and media company.
In other company news, Dresser Wayne said that its iX Pay Secure Payment solution is the first solution to receive Payment Card Industry PIN Transaction Security (PCI PTS) version 3.0 certification for Encrypting PIN Pad (EPP) keypad devices. The PCI PTS 3.0-compliant iX Pay Secure Payment solution helps protect consumers and retailers from increasingly sophisticated data fraud methods. It also provides equipment investment protection by offering compliance through 2020, and even longer with upgrades.
"Payment security threats are growing at an alarming rate. As an industry, we need to go beyond meeting minimum compliance criteria. We need to stay ahead of the curve in protecting consumers and businesses from identity theft and financial crime," said Tim Weston, payment technologies product manager. "We've designed our security solutions to incorporate the latest technology in payment-data protection, to anticipate and evolve with regulations instead of reacting to them."
In addition, Dresser Wayne said that it has received the first PCI Unattended Payment Terminal (UPT) version 3.0 certifications for the Ovation, Vista and Tokheim Premier fuel dispensers. As a result, fuel retailers can benefit from enhanced security for credit-card transactions as well as PIN-based debit cards. The PCI PTS UPT-approved configurations feature Dresser Wayne's newly released secure magnetic-stripe card reader that encrypts payment data from the moment a customer swipes his or her card. Like the company's current secure hybrid EMV chip card reader, the magnetic-stripe reader transmits data securely between terminal components and is capable of supporting financial networks' end-to-end data encryption.
"Financial data theft is a serious issue for all retailers, but for c-store retailers with outside fuel dispensers accessible to the public at all times, the problem can be compounded by a range of factors. It needs to be addressed from many different angles," Weston said.
The iX Pay secure payment solution incorporates a multi-level approach to protecting data, including Triple-DES encryption algorithms, built-in keypad privacy shields, tamper-responsive mechanisms and unauthorized device-removal protection, along with many other innovative security features. Its "full-travel keys" have the additional benefit of preventing the use of keypad data skimmers.
It is built on the upgradeable iX Technology Platform, a single, global foundation that supports various configurations to meet regional requirements as well as additional security enhancements, which can minimize the costs of ongoing compliance with ever-evolving payment-security standards. The iX Pay Secure Payment solution's \security features are not only PCI PTS 3.0-compliant, but also have achieved certification to other major global payment security standards, such as EMV 4.2 for chip-based payment cards, Canadian Interac 2.0 and Pan-Nordic Card Association (PNC) UPT regulations.
Also, Dresser Wayne said that it is helping fuel retailers minimize the impact of payment-data security attacks with the iX Pay secure payment solution's Limited Functionality Mode (LFM). The patent-pending LFM feature helps reduce expensive downtime resulting from Encrypted PIN Pad (EPP) tamperinga common form of financial fraud in which thieves attempt to obtain consumer debit-card personal identification numbers (PINs).
The Payment Card Industry (PCI) requires that approved devices immediately erase encryption keys and disable PIN-entry capabilities after a tampering event. Unlike payment solutions that disable the entire fuel dispenser, which can affect retailer's fuel sales, LFM allows continued fueling operation, and in some configurations maintains other payment functionality, including cash, credit, fleet and loyalty transactions.
"Unfortunately, financial fraud is on the rise. In addition to victimizing consumers, it can result in significant costs to businesses in terms of damage to the brand as well as fines," said Weston. "In the case of unattended payment terminals, fuel-dispenser downtime can add to the expense. With LFM, retailers can keep their dispensers running until the tampered equipment can be serviced."
Beyond the LFM feature, the Dresser Wayne iX Pay secure payment solution offers advanced security features such as support for multiple Triple-DES encryption keys and tamper-responsive mechanisms that help keep data secure from the moment a customer swipes a card or enters information via the keypad.
The iX Pay secure payment solution with LFM is part of Dresser Wayne's comprehensive approach to forecourt security. Its fuel dispensers help protect fuel inventories as well as financial information. They feature large bezel doors so intruders cannot reach internal components without detection, as well as separate doors for frequently accessed components. Dresser Wayne dispensers also support secure door locks that help prevent unauthorized entry, and the Xflo fuel meter features a tamper-resistant design to deter fuel theft.
Addison, Texas-based Dresser Inc. is a leader in providing highly engineered infrastructure products for the global energy industry. Leading brand names within the Dresser portfolio include Dresser Wayne retail fueling systems, Waukesha natural gas-fired engines, Masoneilan control valves, Consolidated pressure relief valves, and Roots blowers and compressors.
Austin, Texas-based Dresser Wayne is one of the largest business units of Dresser Inc. and a global leader in the design, manufacture and servicing of fueling forecourt solutions. Dispensers, payment platforms, control systems, and technology from Dresser Wayne play an essential role in traditional and alternative fueling sites around the world.
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