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FOR IMMEDIATE RELEASE: September 28, 2004

SCHUMER URGES FIRST RESERVE CEO TO KEEP JOBS IN SOUTHERN TIER

First Reserve Corp recently acquired Dresser Rand which employs hundreds in Olean, Wellsville, and Painted Post

Schumer urges First Reserve CEO William E. Macaulay to keep the D-R jobs in New York

US Senator Charles E. Schumer today urged First Reserve CEO William E. Macaulay to keep hundreds of jobs with Dresser Rand - the company he just acquired - in Olean, Wellsville, and Painted Post where they are currently located. Schumer said that the jobs are vital to the regional economy, and explained to Macaulay that upstate New York is an ideal location for businesses because of the high quality work force and relatively inexpensive cost of doing business.

"The bottom line is that for the local economy to grow we need to do two things: hold onto every job we have and attract new ones at the same time," Schumer said. "I made the case to Mr. Macaulay that the Southern Tier is a great place to keep his business. And I'll continue to make that point until a final decision is made."

Last month, First Reserve Corp. acquired the energy infrastructure company Dresser Rand for $1.2 billion. Dresser Rand employs hundreds of New Yorkers in Olean (approx. 1200 jobs), Wellsville (approx. 700 jobs), and Painted Post (approx. 700 jobs) and produces energy infrastructure equipment such as compressors, turbines and engines, and repair and upkeep parts and services. It is the second-largest employer in the greater Corning area and this is the second time in five years ownership of the company has changed hands.

First Reserve has not indicated plans to move its plants or workers elsewhere, but Schumer said it was important to gain a firm commitment from the company that the jobs would remain secure, in order to allay anxiety among local workers and erase any doubt as to the company's intentions. Schumer, who recently spoke with Macaulay by phone to lobby him about the benefits of the Southern Tier, today sent a letter to the CEO again urging him to commit to keeping the jobs where they are. "These jobs are not only vital to the local economy of the Southern Tier," Schumer wrote. "I believe that Olean, Wellsville, and Painted Post are ideal locations at which to do business because of the highly motivated and skilled work force and the lower costs. I implore you to commit to keeping these jobs exactly where they are."

Dresser-Rand employs approximately 4,500 and also has facilities in Houston; LeHavre, France; Kongsberg, Norway; Oberhausen, Germany; Shanghai, China; Naroda, India; and Campinas, Brazil.

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