DALLAS--(BUSINESS WIRE)--May 19, 2016--
Flowserve Corp. (NYSE: FLS), a leading provider of flow control products
and services for the global infrastructure markets, held its 2016 Annual
Meeting of Shareholders today in Irving, Texas.
The company confirmed at the annual meeting that Charlie Rampacek
retired as a member of the Board of Directors effective after the annual
meeting. "Charlie provided more than 18 years of distinguished service
to Flowserve and we appreciate all that he has done to support the
company during his tenure on the board," said Mark Blinn, Flowserve
President and Chief Executive Officer. "The company has benefitted
tremendously from his leadership and expertise over the years, and we
thank him for his guidance."
Concerning the official business of the meeting, the company announced
that its shareholders re-elected William C. Rusnack, Mark A. Blinn, Leif
E. Darner, Gayla J. Delly, Lynn L. Elsenhans, Roger L. Fix, John R.
Friedery, Joe E. Harlan, Rick J. Mills and David E. Roberts to the
company's Board of Directors, each to serve an annual term expiring at
the 2017 Annual Meeting of Shareholders. Biographies for all members of
the Board of Directors can be found in the company's 2016 Proxy
Statement or on www.flowserve.com.
Voting results indicate that shareholders approved an advisory vote on
executive compensation, voting approximately 97 percent in favor of the
proposal.
Additionally, shareholders ratified the appointment of
PricewaterhouseCoopers LLP as the company's independent registered
public accounting firm for 2016.
Finally, in line with the recommendation of the Board of Directors,
shareholders rejected a shareholder proposal requesting the board to
amend the company’s proxy access bylaw to, among other things, reduce
the shareholder ownership eligibility from 5 percent to 3 percent.
Final voting results on all agenda items will be available in a Current
Report on Form 8-K to be filed by the company following certification by
the company's inspector of elections.
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 global economic conditions 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 manufacturing optimization and 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; increased aging and slower
collection of receivables, particularly in Latin America and other
emerging markets; 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 and other critical processes; 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 ability to anticipate and
manage cybersecurity risk, including the risk of potential business
disruptions or financial losses; 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160519006372/en/
Source: Flowserve Corp.
Flowserve Corp.
Investor Contacts:
Jay Roueche, 972-443-6560
Vice
President, Investor Relations & Treasurer
or
Mike Mullin,
972-443-6636
Director, Investor Relations
or
Media
Contact:
Lars Rosene, 972-443-6644
Vice President, Global
Communications and Public Affairs