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Flowserve Corporation : Flowserve Strengthens Position in India by Obtaining Full Ownership of the Joint Venture's Maraimalai



 Flowserve Corporation : Flowserve Strengthens Position in India by Obtaining
Full Ownership of the Joint Venture's Maraimalai Nagar Manufacturing Facility

DALLAS, March 28, 2013 - Flowserve Corporation (NYSE: FLS), a leading provider
of flow control products and services for the global infrastructure markets,
today announced the completion of a series of transactions related to the
company's former Audco India, Limited (AIL) joint venture with Larsen &
Toubro, Limited (L&T).

As a result of these transactions, Flowserve obtains full ownership of the
joint venture's Maraimalai Nagar (MMNagar) manufacturing facility in Chennai,
India, and retains the key Serck AUDCO brand lubricated valve products and
technology. L&T will retain the remaining AIL entity and its other operations.

"Increasing our direct Indian exposure and guiding MMNagar's focus in the
region make this transaction particularly appealing, and this approach is very
much in line with our overall portfolio management strategy," said Tom
Pajonas, senior vice president and chief operating officer, Flowserve. "We are
pleased with the outcome and excited about the opportunity to grow the
Flowserve business in the region by expanding our reach into markets and
applications not previously targeted. In addition, we also plan to introduce
new products for manufacture at the MMNagar facility, to fully maximize its
capacity and promote greater localization of our valve portfolio."

In addition to Serck AUDCO plug valves, the MMNagar facility also currently
manufactures AUDCO SLIMSEAL butterfly valves and VOGT forged gate, globe and
check valve products. Beyond expanded access to the Indian market, this
transaction provides the opportunity for long-term cost savings for other
valve products through low-cost sourcing of engineering, planning and
manufacturing.

Investor Contact: Mike Mullin, director, investor relations, (972) 443-6636
Media Contact: Steve Boone, director, global communications and public
affairs, (972) 443-6644

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  website 
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 
Commission.

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.

###

 

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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
the
information contained therein.

Source: Flowserve Corporation via Thomson Reuters ONE
HUG#1689006
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