LONDON (Dow Jones News) -- Britain's Rolls-Royce PLC said Friday it agreed to buy the rotating compression equipment interests of Cooper Cameron Corp. for $180 million.
Roll-Royce said the move was part of its strategy to expand in the power generation and oil and gas markets. Rotating compression equipment is used in gas processing and transmission.Roll-Royce, which also has aerospace and defense businesses, said it will take full control of the joint venture company, Cooper Rolls, and the Cooper Bessemer trade name for compression systems. The company also will acquire the En-Tronic division, which makes control systems.
Roll-Royce said the businesses had about $190 million in revenue in 1998.
The deal includes manufacturing sites in Mount Vernon, Ohio; Hengelo, The Netherlands, and Liverpool, Britain.
Cooper Cameron, of Houston, makes oil-field equipment.