DALLAS--(BUSINESS WIRE)--Jan. 7, 2015--
Flowserve Corporation (NYSE:FLS), a leading provider of flow control
products and services for the global infrastructure markets, announced
today that it has completed the acquisition of SIHI Group B.V., a global
provider of engineered vacuum and fluid pumps and related services.
SIHI Group and its subsidiaries (“SIHI”) will strengthen Flowserve’s
extensive portfolio of products and services through the addition of its
engineered vacuum and fluid pumps, as well as the associated aftermarket
services and parts. SIHI’s offerings primarily serve the chemical
market, as well as the pharmaceutical, food & beverage and other process
industries.
“We are very pleased to welcome SIHI’s employees to the Flowserve
family, and add its products, services and facilities to our
industry-leading portfolio,” said Mark Blinn, president and chief
executive officer of Flowserve. “SIHI’s existing installed base and its
leading position as a supplier of vacuum and fluid pumps will complement
our chemical industry strategy. This acquisition provides Flowserve
additional engineering and manufacturing experience and the opportunity
to leverage our global platform to deliver on the combined financial
synergies. In summary, SIHI is a natural fit for Flowserve and this
transaction demonstrates our disciplined, strategic approach to
inorganic growth to drive long-term shareholder value."
For additional information about Flowserve’s acquisition of SIHI, please
visit the previously released transaction documents, including the
November 14, 2014 press release, conference call and slide presentation,
which are available in the "Investor Relations" section of www.flowserve.com.
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