Flowserve Corporation : Flowserve Announces Planned Corporate Actions

    Flowserve Corporation : Flowserve Announces Planned Corporate Actions

Announces a 16.7% quarterly dividend increase to 42 cents per share

Buyback program authorization replenished to $750 million

Approves a 3-for-1 stock split, subject to shareholder action

DALLAS, February 21, 2013 - Flowserve Corp. (NYSE:FLS), a leading provider of
flow control products and services for the global infrastructure markets,
announced today that its Board of Directors has recently approved certain key
planned corporate actions, including a 16.7% increase in its quarterly
dividend to 42 cents per share, a replenished stock repurchase authorization
to $750 million and a 3-for-1 stock split, subject to shareholder action.

"Flowserve has a strong record of delivering value to our shareholders,"
indicated Mark Blinn, president and chief executive officer. "Since the start
of 2008, we have returned over $1.5 billion to our shareholders through
dividends and share buybacks, while simultaneously investing in the business,
maintaining a prudent balance sheet, completing targeted acquisitions and
delivering earnings growth. We have also demonstrated the ability to generate
substantial free cash flow, even during historically difficult periods of the
business cycle. Today's announced actions reflect both our ongoing commitment
to providing value to our shareholders, as well as confidence in our ability
to generate long-term profitable growth and solid cash flows."

Increase in Quarterly Dividend

Flowserve announced today that its Board of Directors has authorized the
payment of a quarterly cash dividend of $0.42 per share on the company's
outstanding shares of common stock. The quarterly cash dividend increased
from $0.36 per share, or 16.7% over the previous quarterly rate.

The dividend is payable on April 12, 2013, to shareholders of record as of the
close of business on March 28, 2013. Future dividend payments would be
proportionately adjusted for any effected stock split.

While Flowserve currently intends to pay regular quarterly cash dividends for
the foreseeable future, any future dividends, whether at this $0.42 per share
quarterly rate (equivalent to $0.14 per share assuming the proposed 3-for-1
split is effected) or otherwise, will be reviewed individually and declared by
the Board at its discretion, dependent on the Board's assessment of the
company's financial condition and business outlook at the applicable time.

Stock Repurchase Program Replenished

Flowserve also announced that its Board of Directors has approved a
replenished stock repurchase authorization of $750 million, inclusive of
approximately $193 million remaining under the prior $1 billion program
authorized in 2012. Execution of the company's share repurchases is ongoing,
with completion of the remaining amounts under the prior program expected to
occur during the 2013 second quarter. The company then anticipates the
remaining authorized amount, approximately $557 million, will be utilized
under its previously announced policy of annually returning 40% to 50% of its
running two-year average net earnings to shareholders while maintaining its
target leverage ratio.

The amount and timing of the planned repurchases will be determined by the
company based on its evaluation of its financial condition, business
opportunities and market conditions at the time. The repurchases may be
effected through various methods, including open market repurchases (including
those effected through Rule 10b5-1 plans to allow longer periods of repurchase

Approved 3-for-1 Stock Split

Flowserve's Board of Directors recently approved a 3-for-1 stock split.
Implementation of the stock split is subject to shareholders' approval of an
amendment to the company's certificate of incorporation to increase the number
of authorized shares of the company's common stock. This amendment, which
would enable the recommended stock split, will be voted on by the shareholders
at Flowserve's 2013 Annual Meeting of Shareholders expected to be held May 23,

If approved as recommended by the Board, the record date is expected to be on
or about June 7, 2013. Each shareholder of record on the record date will
receive two additional shares of common stock for each share held. Flowserve
anticipates the additional shares will be distributed by the end of July 2013
if approved. Additional details of the 2013 Annual Meeting of Shareholders
and the proposed stock split will be included the company's proxy statement,
which is expected to be filed in early April 2013.


Flowserve Contacts

Investor Contacts:
Mike Mullin, Director, Investor Relations, (972) 443-6636
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560

Media Contact:
Steve Boone, Director, Global Communications and Public Affairs, (972)

About Flowserve: Flowserve Corp. is one of the world's leading providers of
fluid motion and control products and services. Operating in more than 55
countries, the company produces engineered and industrial pumps, seals and
valves as well as a range of related flow management services. More
information about Flowserve can be obtained by visiting the company's Web site
at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. Words or phrases such as, "may," "should," "expects,"
"could," "intends," "plans," "anticipates," "estimates," "believes,"
"forecasts," "predicts" or other similar expressions are intended to identify
forward-looking statements, which include, without limitation, earnings
forecasts, statements relating to our business strategy and statements of
expectations, beliefs, future plans and strategies and anticipated
developments concerning our industry, business, operations and financial
performance and condition.

The forward-looking statements included in this news release are based on our
current expectations, projections, estimates and assumptions. These statements
are only predictions, not guarantees. Such forward-looking statements are
subject to numerous risks and uncertainties that are difficult to predict.
These risks and uncertainties may cause actual results to differ materially
from what is forecast in such forward-looking statements, and include, without
limitation, the following: a portion of our bookings may not lead to completed
sales, and our ability to convert bookings into revenues at acceptable profit
margins; changes in the global financial markets and the availability of
capital and the potential for unexpected cancellations or delays of customer
orders in our reported backlog; our dependence on our customers' ability to
make required capital investment and maintenance expenditures; risks
associated with cost overruns on fixed-fee projects and in taking customer
orders for large complex custom engineered products; the substantial
dependence of our sales on the success of the oil and gas, chemical, power
generation and water management industries; the adverse impact of volatile raw
materials prices on our products and operating margins; our ability to execute
and realize the expected financial benefits from our strategic realignment
initiatives; economic, political and other risks associated with our
international operations, including military actions or trade embargoes that
could affect customer markets, particularly Middle Eastern markets and global
oil and gas producers, and non-compliance with U.S. export/re-export control,
foreign corrupt practice laws, economic sanctions and import laws and
regulations; our exposure to fluctuations in foreign currency exchange rates,
including in hyperinflationary countries such as Venezuela; our furnishing of
products and services to nuclear power plant facilities; potential adverse
consequences resulting from litigation to which we are a party, such as
litigation involving asbestos-containing material claims; a foreign government
investigation regarding our participation in the United Nations Oil-for-Food
Program; expectations regarding acquisitions and the integration of acquired
businesses; our foreign subsidiaries autonomously conducting limited business
operations and sales in certain countries identified by the U.S. State
Department as state sponsors of terrorism; our relative geographical
profitability and its impact on our utilization of deferred tax assets,
including foreign tax credits; the potential adverse impact of an impairment
in the carrying value of goodwill or other intangible assets; our dependence
upon third-party suppliers whose failure to perform timely could adversely
affect our business operations; the highly competitive nature of the markets
in which we operate; environmental compliance costs and liabilities; potential
work stoppages and other labor matters; our inability to protect our
intellectual property in the U.S., as well as in foreign countries;
obligations under our defined benefit pension plans; and other factors
described from time to time in our filings with the Securities and Exchange

All forward-looking statements included in this news release are based on
information available to us on the date hereof, and we assume no obligation to
update any forward-looking statement.


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Flowserve Corporation via Thomson Reuters ONE
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