DALLAS--(BUSINESS WIRE)--May 18, 2017--
Flowserve Corp. (NYSE: FLS), a leading provider of flow control products
and services for the global infrastructure markets, held its 2017 Annual
Meeting of Shareholders today in Irving, Texas.
The company confirmed at the annual meeting that Bill Rusnack and Lynn
Elsenhans retired as members of the Board of Directors effective after
the annual meeting. "Bill and Lynn provided years of distinguished
service to Flowserve," said Scott Rowe, Flowserve President and Chief
Executive Officer. "Bill in particular has been a part of the
transformation of this company and helped shape the Flowserve we are
today. We have truly benefited from his board leadership over the years.
I want to thank both Bill and Lynn for their commitment to Flowserve."
Additionally, the company announced that Roger Fix was elected by the
board to serve as the new Chairman.
Concerning the official business of the meeting, the company announced
that its shareholders re-elected Roger L. Fix, Leif E. Darner, Gayla J.
Delly, John R. Friedery, Joe E. Harlan, Rick J. Mills, David E. Roberts
and Scott Rowe to the company's Board of Directors, each to serve an
annual term expiring at the 2018 Annual Meeting of Shareholders. In
addition, shareholders elected Ruby R. Chandy to also serve an annual
term expiring at the 2018 Annual Meeting of Shareholders. “Ruby’s
strategy and commercial skills, along with her management experience in
several industrial technology companies provides an intimate
understanding of the Company’s operational challenges and
opportunities,” said Roger Fix. “We are pleased to welcome Ruby to the
Company’s Board of Directors and look forward to the unique perspective
she will add.”
Biographies for all members of the Board of Directors can be found in
the company's 2017 Proxy Statement and Proxy Supplement or on www.flowserve.com.
Voting results indicate that shareholders approved an advisory vote on
executive compensation, voting approximately 90 percent in favor of the
proposal. The results also indicate that shareholders favor conducting
the advisory vote on executive compensation annually.
Additionally, shareholders ratified the appointment of
PricewaterhouseCoopers LLP as the company's independent registered
public accounting firm for 2017.
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 provision to increase the amount
of shareholders allowed to aggregate their shares from 20 to 50.
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/20170518006109/en/
Source: Flowserve Corp.
Flowserve
Investor Contacts:
Jay Roueche,
972-443-6560
Interim Chief Financial Officer
or
Mike
Mullin, 972-443-6636
Director, Investor Relations
--
Media
Contacts:
Lars Rosene, 972-443-6644
Vice President,
Corporate & Customer Communications
or
Amy Allen,
972-443-6501
Manager, Corporate Communications