Flowserve

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Flowserve Corporation
Type Public (NYSEFLS)
S&P 500 Component
Industry Diversified machinery
Founded 1997
Headquarters Irving, Texas, USA
Key people Mark A. Blinn, President and CEO; Vice Chairman of the Board
Thomas L. Pajonas, COO
Carey A. O'Connor, Senior Vice President, Secretary and General Counsel
Products Actuators
Ball valves
Butterfly valves
Control valves
Plug valves
end face mechanical seals
Pumps
Services Power industry
Oil industry
Gas industry
Chemical industry
Revenue
  • Increase US$ 4,954.619 million (2013) [1]
  • Increase US$ 4,751.339 million (2012) [1]
Operating income
  • Increase US$ 760.283 million (2013) [1]
  • Increase US$ 675.778 million (2012) [1]
[2]
Net income
  • Increase US$ 485.53 million (2013) [1]
  • Increase US$ 448.339 million (2012) [1]
Total assets
  • Increase US$ 5,036.733 million (2013) [3]
  • Increase US$ 4,810.958 million (2012) [1]
Total equity
  • Decrease US$ 1,877.121 million (2013) [3]
  • Decrease US$ 1,894.475 million (2012) [1]
Employees ~16,380 in 56 countries (2011)[citation needed]
Website www.flowserve.com

The Flowserve Corporation is an American multinational corporation and one of the largest suppliers of industrial and environmental machinery such as pumps, valves, end face mechanical seals, automation, and services to the power, oil, gas, chemical and other industries.[4] Headquartered in Irving, Texas, which is a suburb of Dallas, Texas, Flowserve has over 15,000 employees in 51 countries.[citation needed] Flowserve sells products and offers aftermarket services to engineering and construction firms, original equipment manufacturers, distributors and end users. The Flowserve brand named originated in 1997 with a merger of BW/IP and Durco International.

On August 21, 2007, Flowserve Corporation was recognized by CIO magazine as one of the 2007 CIO 100 Award Honorees.[5]

History[edit]

Flowserve heritage dates back to the 1790 founding of Simpson & Thompson by Thomas Simpson, later to become Worthington Simpson Pumps, one of the companies that became part of BW/IP.[6] The company was created in 1997 with the merger of two fluid motion and control companies – BW/IP and Durco International.

Acquisitions include HydroTechnik Olomouc in 2006,[7] Sealing Systems in 2007,[8] Calder Ag in 2009[9] and Valbart Srl in 2010.[10] In October 2011 Flowserve acquired Lawrence Pumps Inc. Also in March 2013 it acquired one plant from L&T Valves situated in Maraimalainagar,Tamil Nadu.

Products[edit]

Flowserve comprises over 48 fluid motion and control products. They are in alphabetical order: ACEC Centrifugal, Accord, Aldrich, Anchor Darling, Argus, Atomac, Automax, BW Seals, Byron Jackson, Cameron, Calder, DuraClear, Durametallic, Durco, Edward, Five Star Seals, Flowserve, Gestra, IDP, Interseal, Jeumont-Schneider, Kammer, Limitorque, Logix, McCANNA/MARPAC, NAF, NAVAL, Noble Alloy, Norbro, Nordstrom, PMV, Pac-Seal, Pacific, Pacific Wietz, Pleuger, Polyvalve, Schmidt Armaturen, Scienco, Serck Audco, Sier-Bath Rotary, TKL, United Centrifugal, Valtek, Valtek EMA, Vogt, Western Land Roller, Wilson-Snyder, Worcester Controls, Worthington.

Acquisitions[edit]

Flowserve has grown through mergers and acquisitions.

  • Acquisitions under Flowserve Corporation
    • 1997 - Merger of BW/IP and Durco International (formation of brand name Flowserve)
    • 1997 - Stork Engineered Pumps
    • 2000 - Ingersoll-Dresser Pumps (IDP)
    • 2000 - Invatec
    • 2002 - Invensys Flow Control
    • 2004 - Thompsons Kelly & Lewis (TKL)
    • 2005 - Interseal
    • 2006 - HydroTechnik
    • 2007 - MF Sealing Systems
    • 2009 - Calder AG
    • 2010 - Valbart Srl
    • 2011 - Lawrence Pumps Inc.
    • 2013 - Audco India limited (MMN PLANT )
    • 2013 - Innomag Sealless Pumps

Industries served[edit]

  • Oil and gas
    • Production, refining, pipeline, gas processing
  • Power generation
    • Nuclear power, combine cycle, conventional boiler, renewable water energy
  • Chemical processing
    • Acid transfer, caustic and chlor-alkali, pharmaceuticals, polymers, slurry processing, solvents, volatile organic compounds, waste processing, auxiliary
  • Water resources
    • Water supply and distribution, water treatment, desalination, flood control, ground water development and irrigation, wastewater collection and treatment, snowmaking
  • General industry
    • Mining, primary metals, pulp and paper

Corporate governance[edit]

In July 2005, Flowserve underwent a leadership change. The board of directors announced Lewis M. Kling, COO at the time, as the new president, CEO, and a member of the board of directors. On May 30, 2007 Kling's employment agreement was extended until February 28, 2010.[11] Lewis M. Kling announced his retirement at the end of the upon agreement in February 2010. Kling was elected vice chairman of the board effective October 1, 2009. Mark Blinn succeeded Kling as CEO. Previously Mark Blinn served as CFO from 2004 to October 1, 2009 when he officially took over as CEO and vice chairman of the board.[12]

Current members of the board of directors of Flowserve are: Mark A. Blinn, Kevin E. Sheehan, Christopher A. Bartlett (DBA), Gayla J. Delly, Roger L. Fix, John R. Friedery, Joseph E. Harlan, Diane C. Harris, Michael F. Johnston, Lewis M. Kling, Rick J. Mills, Charles M. Rampacek, James O. Rollans and William C. Rusnack.

Educational services[edit]

Flowserve has five training centers for students around the world to attend. They are in Irving, TX, Kalamazoo, MI, Houston, TX, Baton Rouge, Louisiana, and Desio, Italy. The learning resource center (LRC) in Irving is 24,000 square feet (2,200 m2) with classrooms, static labs, and power labs with complete pumping systems.[13]

The LRC in Italy is the most recent, opening on April 20, 2010.[14]

Environmental efforts[edit]

To support the Hurricane Katrina disaster relief, Flowserve donated $50,000 and matched up to $50,000 in employee donations to the Red Cross according to a CNN article.[15]

Restatements[edit]

On Feb 3, 2004, Flowserve announced restatement of its financial statements for aggregate estimated pretax adjustments for 2003. The restatement was approximately $11 million.[16]

On Oct 26, 2004, Flowserve determined to restate its previously announced financial results for the second quarter of 2004, including certain post-closing adjustments and recently identified out-of-period expenses. The restatement had no impact on net cash balance.[17]

On Feb 7, 2005, Flowserve confirmed that it would restate its 2000 through first quarter 2004 financial statements, resulting from an ongoing comprehensive review of the company's accounts. The restatement reduced net income for the periods restated.[18]

References[edit]

External links[edit]