Flowserve

Infobox Company
company_name = Flowserve Corporation
company_
company_type = Public (NYSE|FLS)
foundation = 1997
location = Irving, Texas, USA
key_people = Lewis M. Kling, President and CEO
Andrew J. Beall, Vice President; President, Flow Solutions Division
Thomas L. Pajonas, Vice President; President, Flow Control Division
Thomas E. Ferguson, Vice President; President, Flowserve Pump Division
Ronald F. Shuff, Senior Vice President, Secretary and General Counsel
industry = Diversified Machinery
products = Actuators
Ball valves
Butterfly valves
Control valves
Plug valves
Mechanical seals
Pumps
revenue = profit$3,762 million USD (2007)
net_income = profit$255 million USD (2007)
num_employees = ~14,000 (2006)
homepage = [http://www.flowserve.com/ www.flowserve.com]

The Flowserve Corporation (nyse|FLS) is a global supplier of pumps, valves, seals, automation, and services to the power, oil, gas, chemical and other industries. The Flowserve brand named originated in 1997 with a merger of BW/IP and Durco International. They have around 14,000 employees in more than 56 countries. Flowserve's headquarters is located in the Las Colinas area of Irving, Texas, which is a suburb of Dallas, Texas.

In July 2005, Flowserve underwent a leadership change. The board of directors announced Lewis M. Kling, COO at the time, as the new president, CEO, and a member of the board of directors. On May 30, 2007 Kling's employment agreement was extended until February 28, 2010. [http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070530:MTFH17055_2007-05-30_12-20-44_WNAS2712&type=comktNews&rpc=44 Flowserve extends CEO's employment agreement until 2010] ]

On August 21, 2007, Flowserve Corporation was recognized by CIO Magazine as one of the 2007 CIO 100 Award Honorees. [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=05f43b278fe84110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Corp Recognized by CIO Magazine as One of the 2007 CIO 100 Award Honorees] ]

History

Flowserve was created in 1997 with the merger of two fluid motion and control companies – BW/IP and Durco International. Flowserve heritage dates back to the 1872 founding of Byron Jackson, one of the companies that became part of BW/IP.

Flowserve Heritage Brands

Flowserve is comprised of over 48 fluid motion and control products. They are in alphabetical order: ACEC Centrifugal, Accord, Aldrich, Anchor Darling, Argus, Atomac, Automax, BW Seals, Byron Jackson, Cameron, DuraClear, Durametallic, Durco, Edward, Five Star Seals, Flowserve, Gestra, IDP, Interseal, Jeumont-Schneider, Kammer, Limitorque, Logix, McCANNA/MARPAC, NAF, NAVAL, Noble Alloy, Norbro, Nordstrom, PMV, Pac-Seal, Pacific, Pacific Wietz, Pleuger, Polyvalve, Schmidt Armaturen, Scienco, Serck Audco, Sier-Bath Rotary, TKL, United Centrifugal, Valtek, Valtek EMA, Vogt, Western Land Roller, Wilson-Snyder, Worcester Controls, Worthington.

Flowserve acquisitions

Flowserve has grown through mergers and acquisitions.

*Acquisitions under Flowserve Corporation
**1997 - Merger of BW/IP and Durco International (Formation of brand name Flowserve)
**1997 - Stork Engineered Pumps
**2000 - Ingersoll-Dresser Pumps (IDP)
**2000 - Invatec
**2000 - Ecoon
**2002 - Invensys Flow Control
**2004 - Thompsons Kelly & Lewis (TKL)
**2005 - Interseal
**2006 - HydroTechnik

Timeline

*June 2006, Flowserve signed a joint venture to build middle east's largest pump repair-manufacture-test-training facility in Saudi Arabia. [http://biz.yahoo.com/bw/060606/20060606005777.html?.v=1 Al Rushaid/Flowserve Joint Venture to Build Middle East's Largest Pump Repair-Manufacture-Test-Training Facility in Saudi Arabia] ]

*June 2006, Flowserve acquired HydroTechnik Olomouc, s.r.o., a privately held mechanical seal manufacturer based in Olomouc, Czech Republic. [http://biz.yahoo.com/ap/060619/flowserve_acquisition.html?.v=1 Flowserve Buys Czech Seals Maker] ]

*June 2006, Flowserve filed its 2005 Form 10-K annual report with the SEC and announced financial results for 2005. [http://biz.yahoo.com/bw/060630/20060630005121.html?.v=1 Flowserve Files 2005 Form 10-K] ]

*July 2006, Flowserve launched the Guardian 3000. It is Flowserve's smallest pump as well as their first electronics cooling pump. The pump is designed to cool computer processors and graphics chips in high-end consumer personal computers. [http://www.lab-on-a-chip.com/index.aspx?ID=73830 Flowserve Launches the Guardian 3000] ]

*August 2006, Flowserve Announces Opening of Suzhou, China, Manufacturing Facility. The state-of-the-art facility will support the company's existing China operations in Beijing, Shanghai, Dalian and Shenzhen by providing pumps, valves, seals and services to the oil and gas, power, chemical processing and water sectors as well as other industries. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=12e787fb5a4ec010VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US?.v=1 Opening of Suzhou, China Manufactring Facility] ]

*August 2006, Flowserve President and CEO Lewis Kling receives highest honor given by the Chinese government to foreign business leaders. He is the recipient of the 2006 Marco Polo Award which recognizes foreign business leaders who play a significant role in China's economic development and who demonstrate a commitment to improving Chinese society by sponsoring volunteer experts for humanitarian assignments. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=bb63017d534fc010VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve President and CEO Lewis Kling Receives 2006 Marco Polo Award] ]

*September 2006, Flowserve Opens Quick Response Center in the Netherlands. Located in Moerdijk, Netherlands. The Moerdijk Quick Response Center (QRC) is a fully equipped, regional sales and service center that provides complete sealing solutions and superior, localized customer support. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=e9d8ec9997f7d010VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve opens Quick Response Center in the Netherlands] ]

*October 2006, Flowserve Receives Industry Leadership Awards. Flowserve announces that it has received two prestigious industry awards from global growth consulting company Frost & Sullivan honoring its market leadership in the pump sector. The two awards cite Flowserve's excellence in providing superior value to its customers and its global penetration in the oil and gas industry. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=636ed7742ef0e010VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Receives Industry Leadership Awards] ]

*December 2006, Flowserve Opens Quick Response Center and Training Facility in Germany. Located in Essen, Germany. The facility houses a Quick Response Center (QRC) that provides local sales, service, support and manufacturing of seals and associated products, and a Learning Resource Center (LRC) that offers best-practices maintenance training programs for pumps and seals for employees and customers. [ [http://www.flowserve.com/eim/vindex.jsp?vgnextoid=e5e8cc2b5545f010VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Opens Quick Response Center and Training Facility in Germany] ]

*January 2007, National Safety Council Honors Flowserve With 10 Industry Leader Awards for 2006. The National Safety Council (NSC) has honored Flowserve Corporation with 10 Industry Leader Awards for 2006, designating it as one of the safest companies in America. Flowserve received nearly six percent of the total of 168 NSC awards bestowed, the second most awards garnered by any one company for achievement in the 2005 calendar year. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=9849fe7257300110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US National Safety Council Honors Flowserve With 10 Industry Leader Awards for 2006] ]

*April 2007, Flowserve Announces the Opening of a New US$8.5 Million Manufacturing Facility in India. Flowserve announces the opening of its new Pump manufacturing facility in Coimbatore, India. The state-of-the-art facility will support the company's existing Indian operations and provide pump products, for the oil and gas, power and chemical industries. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=f545ae58228c1110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Announces the Opening of a New US$8.5 Million Manufacturing Facility in India] ]

*April 2007, Flowserve Receives Inaugural Award for Business Cooperation From Indo-American Chamber in Chennai, India. Flowserve was honored as the recipient of the Indo-American Chamber-Sanmar Indo-U.S. Business Cooperation Award. The award was developed to recognize the efforts of individuals and business enterprises for their significant contribution in promoting Indo-U.S. relationships through business and economic activity. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=6714174d25cd1110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Receives Inaugural Award for Business Cooperation From Indo-American Chamber in Chennai, India] ]

*April 2007, Flowserve Celebrates Grand Opening of Suzhou, China, Manufacturing Facility. Flowserve held a grand opening ceremony today at its new pump, valve and seal manufacturing facility in Suzhou, China. The state-of-the-art facility supports the company's existing China operations in Beijing, Shanghai, Dalian and Shenzhen by providing pumps, valves, seals and services to the oil and gas, power, chemical processing and water sectors as well as other industries. [ [http://www.flowserve.com/eim/vindex.jsp?vgnextoid=1f83cc8d65cf1110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Celebrates Grand Opening of Suzhou, China, Manufacturing Facility] ]

*April 2007, Ferguson Selected as Chairman of the Board for the Hydraulic Institute. Flowserve announces that Thomas E. Ferguson has been chosen as Chairman of the Board for the Hydraulic Institute (HI) for 2007-2008. Ferguson serves as President of Flowserve Pump Division, and was recently promoted to this chairmanship at the Hydraulic Institute’s 90th Annual Meeting in San Antonio, Texas. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=3fc961bcaa106110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Ferguson Selected as Chairman of the Board for the Hydraulic Institute] ]

*April 2007, Flowserve Announces Joint Venture Partnership in China with Changsha Pump Works to Focus on China's Expanding Power and Water Industries. Flowserve announces a new joint venture agreement with Changsha Pump Works in China. The new joint venture between Flowserve and Changsha Pump Works, which is owned by Xiangtan Electric Manufacturing Co. (XEMC), will focus on the growing power and water industries in China. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=62661c31d1022110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Announces Joint Venture Partnership in China with Changsha Pump Works to Focus on China's Expanding Power and Water Industries] ]

*May 2007, Flowserve President and Chief Executive Officer Lewis M. Kling Receives Employment Extension from Board Until 2010. Flowserve announces that the company has entered into an employment extension agreement with its President and CEO, Lewis M. Kling. Under the extension, Kling has agreed to be available to serve in this capacity until February 28, 2010, when he turns age 65. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=9012a288078d2110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve President and Chief Executive Officer Lewis M. Kling Receives Employment Extension from Board Until 2010] ]

*July 2007, Flowserve Announces Agreement to Sell Small Swiss Manufacturing Facility and Two Small Non-Core Valve Product Lines. Flowserve announces that it has reached a definitive agreement to sell its small production facility in La Chaux-de-Fonds, Switzerland and two small non-core valve product lines located there. This move will enable Flowserve to eliminate redundant production of several other retained valve products. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=6211af190bdf3110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Announces Agreement to Sell Small Swiss Manufacturing Facility and Two Small Non-Core Valve Product Lines] ]

*July 2007, Flowserve Invests in Research and Development. Flowserve announces the opening of the Flow Control Engineering Center (FCEC), a new research and development facility in Bangalore, India. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=86e0669eda3a5110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Invests in Research and Development] ]

*July 2007, Flowserve Acquires MF Sealing Systems. Flowserve acquires MF Sealing Systems in Middlesbrough, UK. The company says this is designed to strengthen a long-standing alliance between the two companies for pump and seal sales and maintenance, and should further enhance Flowserve’s operations in the British pump and mechanical seal markets. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=520c61bcaa106110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Acquires MF Sealing Systems] ]

*July 2007, Flowserve Corporation Celebrates 10-Year Anniversary. Flowserve celebrates the 10th anniversary of its incorporation and listing on the New York Stock Exchange (NYSE). [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=76d2af190bdf3110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Corporation Celebrates 10-Year Anniversary] ]

*August 2007, Flowserve Corp. Recognized by CIO Magazine as One of the 2007 CIO 100 Award Honorees. IDG's CIO Magazine today announced Flowserve as a recipient of the 2007 CIO 100. The 20th annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in information technology (IT). [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=05f43b278fe84110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Corp. Recognized by CIO Magazine as One of the 2007 CIO 100 Award Honorees] ]

*September 2007, Flowserve and Wood Group Form Cooperation Agreement. Flowserve Corporation and Wood Group Light Industrial Turbines Division, announce a cooperative agreement to establish a compressor dry gas seal retrofit program. This agreement will provide for a wide range of compressor overhaul and mechanical seal upgrade solutions to the oil and gas marketplace. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=79fa669eda3a5110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve and Wood Group Form Cooperation Agreement] ]

*September 2007, Flowserve Corp. Reaches Agreement to Sell Swedish Non-Core Measurement Assets to Indutrade. Flowserve announces that it has reached a definitive agreement to sell certain product distribution assets of its small non-core instrumentation and positioner facility in Karlstad, Sweden, to Indutrade. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=c02da36783505110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Corp. Reaches Agreement to Sell Swedish Non-Core Measurement Assets to Indutrade] ]

*November 2007, Flowserve Signs Exclusive Memorandum of Understanding with China National Nuclear Corporation and SUFA Technology Industry Co., LTD CNNC to Explore the Production of Valve Products for China's Growing Civilian Nuclear Power. Flowserve Corporation announcesthat it has signed a Memorandum of Understanding with the China National Nuclear Corporation (CNNC) and SUFA Technology Industry Co., LTD CNNC (SUFA). This Memorandum of Understanding is an exclusive agreement for the companies to explore forming a joint venture partnership in Suzhou, China. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=0f44d5ebbdd56110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Signs Exclusive Memorandum of Understanding with China National Nuclear Corporation and SUFA Technology Industry Co., LTD CNNC to Explore the Production of Valve Products for China's Growing Civilian Nuclear Power] ]

*November 2007, Flowserve Reaches Tentative Agreement to Sell Rail Assets in Australia. Flowserve announces it has reached a tentative agreement to sell the rail business related assets of its wholly owned Australian subsidiary Thompsons Kelly & Lewis Pty Ltd. (TKL), to Vossloh AG. Terms of the sale were not disclosed. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=fcb4d5ebbdd56110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Reaches Tentative Agreement to Sell Rail Assets in Australia] ]

*November 2007, Flowserve Breaks Ground for Quick Response Center in Dubai. Flowserve announces y it has broken ground on its newest Quick Response Center (QRC) located within the Jebel Ali Free Zone in Dubai, United Arab Emirates. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=2b54627249c86110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Breaks Ground for Quick Response Center in Dubai] ]

*January 2008, Flowserve Selected by Automation Professionals as a 2007 Readers' Choice Award Winner from Control Magazine. Flow servewas selected by automation professionals in the January 2008 issue of Control magazine as the "2007 Readers' Choice Award" winner in the category of electric valve actuation. Flowserve produces the Limitorque brand of electric actuators and received more votes than any other company in the category. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=4204771bc9e87110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Selected by Automation Professionals as a 2007 Readers' Choice Award Winner from Control Magazine] ]

*February 2008, Flowserve Introduces Breakthrough in Gaseous Noise Attenuation. Flowserve announces the release of Flowserve Valtek® Stealth™ , a patented gaseous noise trim that reduces sound pressure levels in the most demanding applications. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=ec63b8304d248110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Introduces Breakthrough in Gaseous Noise Attenuation] ]

*February 2008, Flowserve and China's Sinopec Corp. Sign Strategic Cooperation Agreement. Flowserve has signed a strategic cooperation agreement with China Petroleum & Chemical Corporation (Sinopec Corp.). [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=bda1b8304d248110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve and China's Sinopec Corp. Sign Strategic Cooperation Agreement] ]

*March 2008, Flowserve Continues to Grow Presence in Asia-Pacific Region with Acquisition of Full Ownership Interest of Niigata Worthington in Japan. Flowserve acquires the remaining 50 percent of shares needed to have full ownership interest in Niigata Worthington in Kawasaki, Kanagawa, Japan. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=f075da4f70798110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Continues to Grow Presence in Asia-Pacific Region with Acquisition of Full Ownership Interest of Niigata Worthington in Japan] ]

*March 2008, Flowserve Enhances Field Service Capabilities on Nuclear Valves. Flowserve announces it has enhanced its on-site refurbishment capabilities for the Flowserve Edward and Anchor-Darling Field Service Unit. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=d6a93001b3dc8110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Enhances Field Service Capabilities on Nuclear Valves] ]

*May 2008, Flowserve to Supply Valves For Two Westinghouse AP1000(™) Nuclear Power Plants Being Built in China. Flowserve announces it will supply main steam isolation valves for the first two Westinghouse Electric Company AP1000(TM ) nuclear power plant projects in China as part of a multi-million dollar (USD) contract. [ [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=d505a0f4214f9110VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve to Supply Valves For Two Westinghouse AP1000(™) Nuclear Power Plants Being Built in China] ]

Industries served

*Oil & Gas
**Production, Refining, Pipeline, Gas Processing
*Power Generation
**Nuclear Power, Combine Cycle, Conventional Boiler
*Chemical Processing
**Acid Transfer, Caustic and Chlor-Alkali, Pharmaceuticals, Polymers, Slurry Processing, Solvents, Volatile Organic Compounds, Waste Processing, Auxiliary
*Water Resources
**Water Supply and Distribution, Water Treatment, Desalination, Flood Control, Ground Water Development and Irrigation, Wastewater Collection and Treatment, Snowmaking
*General Industry
**Mining, Primary Metals, Pulp and Paper

Educational services

Flowserve has 5 training centers for students around the world to attend. They are in Irving, TX, Kalamazoo, MI, Houston, TX, Baton Rouge, Los Angeles, and Essen, Germany. The Learning Resource Center (LRC) in Irving is 24,000 square feet with classrooms, static labs, and power labs with complete pumping systems.

The LRC in Germany is the most recent, opening on December 5, 2006. [http://www.flowserve.com/eim/v/index.jsp?vgnextoid=e5e8cc2b5545f010VgnVCM1000004f181eacRCRD&vgnextfmt=default&locale=en_US Flowserve Opens Quick Response Center and Training Facility in Germany] ]

Hurricane Katrina relief

To support the Hurricane Katrina disaster relief, Flowserve donated $50,000 and matched up to $50,000 in employee donations to the Red Cross according to a CNN article. [http://money.cnn.com/2005/08/31/news/fortune500/firms_hurricane/index.htm Major companies -- including Home Depot and Ford -- pledge millions to hurricane relief efforts.] ]

Corporate governance

Current members of the board of directors of Flowserve are: Kevin E. Sheehan, Christopher A. Bartlett (DBA), Gayla J. Delly, Roger L. Fix, John R. Friedery, Joseph E. Harlan, Diane C. Harris, Michael F. Johnston, Lewis M. Kling, Rick J. Mills, Charles M. Rampacek, James O. Rollans and William C. Rusnack.

References

External links

* [http://www.flowserve.com/ Official site]