DALLAS--(BUSINESS WIRE)--Oct. 4, 2018--
Flowserve Corporation (NYSE: FLS), a leading provider of flow control
products and services for the global infrastructure markets, today
announced that its board of directors has elected John L. Garrison, Jr.
and Michael C. McMurray as independent directors, effective immediately.
With the addition of Garrison and McMurray, the Flowserve board expands
to eleven directors.
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John Garrison (Photo: Business Wire)
"We are extremely pleased to add John and Michael to Flowserve’s board
of directors as they bring extensive experience in global manufacturing
industries with many similarities to Flowserve, as well as new thinking
that will help support the company’s current transformation efforts,”
said Roger Fix, chairman of the Flowserve board of directors.
“John brings a strong background in transformational leadership, while
Michael has an extensive financial background in the oil and gas
industry, both of which will serve us well on the board,” said Scott
Rowe, Flowserve president and chief executive officer. “We look forward
to their immediate contributions to help support our transformation
efforts, global growth strategies and driving increased shareholder
value."
John Garrison, 58, brings more than 25 years of industrial manufacturing
experience to the Flowserve board of directors. He has served as the
president and chief executive officer of Terex Corporation since 2015
and was appointed chairman of the Terex Board in August 2018. Terex is a
publicly-traded global manufacturer of lifting and material processing
products with an annual revenue of approximately $4.4 billion and 11,000
employees. Prior to Terex, John was president and chief executive
officer of Bell Helicopter, a segment of Textron, Inc.
Michael McMurray, 53, is a seasoned financial executive and is currently
serving as senior vice president and chief financial officer of Owens
Corning. Owens Corning is a publicly-traded composites and construction
materials manufacturer with 19,000 employees in 37 countries and
approximately $6.4 billion in annual revenue. Prior to this role,
Michael served in the roles of vice president, Investor Relations and
treasurer of Owens Corning and vice president, finance of Owens
Corning’s Building Materials Group. Prior to joining Owens Corning in
2008, he had over two decades of finance experience at Royal Dutch Shell.
About Flowserve
Flowserve Corp. is one of the world’s leading providers of fluid motion
and control products and services. Operating in more than 50 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 North African, Russian
and 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; our internal control over financial reporting may not prevent or
detect misstatements because of its inherent limitations, including the
possibility of human error, the circumvention or overriding of controls,
or fraud; 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: https://www.businesswire.com/news/home/20181004005347/en/
Source: Flowserve Corporation
Flowserve
Investor Contacts:
Jay Roueche, 972-443-6560
Vice
President, Investor Relations & Treasurer
--
Mike Mullin,
972-443-6636
Director, Investor Relations
--
Media
Contact:
Lars Rosene, 972-443-6644
Vice President, Corporate &
Marketing Communications