DALLAS--(BUSINESS WIRE)--Feb. 18, 2015--
Flowserve Corporation (NYSE:FLS), a leading provider of flow control
products and services for the global infrastructure markets, today
announced that Michael Taff, senior vice president and chief financial
officer, will be leaving the company. To ensure a smooth transition,
Taff will be staying on through March 31.
“On behalf of Flowserve, I offer my sincere thanks to Mike for his
service to the company,” said Mark Blinn, Flowserve president and chief
executive officer. “Since joining Flowserve, Mike has made a number of
valuable contributions that we will be able to build on and take to the
next level. I appreciate the sacrifices he has made these past three
years commuting from Houston and I wish him all the best in his future
endeavors.”
The company has commenced a comprehensive search for a permanent
replacement. Malcolm Platt, vice president, finance for the Industrial
Product Division, will serve as interim chief financial officer with
primary responsibility for operational finance functions. Platt joined
Flowserve in 2002, and has served in his current role since January
2012. Prior to his current role, he held various positions of increasing
responsibility within the company’s finance organization.
About Flowserve: Flowserve Corporation 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 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.
Source: Flowserve Corporation
Flowserve Corporation
Investor Contacts:
Jay Roueche,
972-443-6560
Vice President, Treasurer & Investor Relations
or
Mike
Mullin, 972-443-6636
Director, Investor Relations
or
Media
Contact:
Lars Rosene, 972-443-6644
Vice President, Global
Communications and Public Affairs