Flowserve

Flowserve Corporation

File:FS red2x3quarters.png
Company type	Public (NYSE: FLS) 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, Vice President; President, Flow Control Group Thomas E. Ferguson, Vice President; President, Flow Solutions Group Ronald F. Shuff, Senior Vice President, Secretary and General Counsel
Products	Actuators Ball valves Butterfly valves Control valves Plug valves Mechanical seals Pumps
Services	Power Industry Oil Industry Gas Industry Chemical industry
Revenue	$4,032 million USD (2010)
Net income	$581.4 million USD (2010)
Number of employees	~16,380 in 56 countries (2011)
Website	www.flowserve.com

The Flowserve Corporation (NYSE: FLS) is a world leading supplier of pumps, valves, seals, automation, and services to the power, oil, gas, chemical and other industries. Headquartered in Irving, Texas, which is a suburb of Dallas, Texas, Flowserve has over 15,000 employees in more than 50 countries. Flowserve sells products and offers aftermarket services to some of the world's leading 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.

History

Flowserve heritage dates back to the 1790 founding of Simpson & Thompson, later to become Worthington Simpson Pumps, one of the companies that became part of BW/IP. The company was created in 1997 with the merger of two fluid motion and control companies – BW/IP and Durco International. Over the years, Flowserve has evolved through organic growth and strategic acquisitions. The 220-year history of Flowserve heritage brands serves as the foundation for the breadth and depth of Flowserve products and services today.

The most recent additions to the Flowserve family include HydroTechnik Olomouc in 2006, Sealing Systems in 2007, Calder Ag in 2009 and Valbart Srl in 2010. In October of 2011 Flowserve acquired Lawrence Pumps Inc.

Flowserve heritage brands

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, 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.

Flowserve acquisitions

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
  • 2000 - Ecoon
  • 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.

Timeline

2006

June-

• Flowserve signed a joint venture to build middle east's largest pump repair-manufacture-test-training facility in Saudi Arabia.

• Flowserve acquired HydroTechnik Olomouc, s.r.o., a privately held mechanical seal manufacturer based in Olomouc, Czech Republic.

• Flowserve filed its 2005 Form 10-K annual report with the SEC and announced financial results for 2005.

July-

• Flowserve launched the Guardian 3000. It is Flowserve's smallest pump as well as their first electronics cooling pump. The pump is designed to cool Central processing unit and graphics chips in high-end consumer personal computers.

August-

• Flowserve Announces Opening of Suzhou, China, Manufacturing Facility. The state-of-the-art facility will support the company's existing China operations in Beijing, Shanghai, Dalian and Shenzhen by providing pumps, valves, seals and services to the oil and gas, power, chemical processing and water sectors as well as other industries.

• Flowserve President and CEO Lewis Kling receives highest honor given by the Chinese government to foreign business leaders. He is the recipient of the 2006 Marco Polo Award which recognizes foreign business leaders who play a significant role in China's economic development and who demonstrate a commitment to improving Chinese society by sponsoring volunteer experts for humanitarian assignments.

September-

• Flowserve Opens Quick Response Center in the Netherlands. Located in Moerdijk, Netherlands. The Moerdijk Quick Response Center (QRC) is a fully equipped, regional sales and service center that provides complete sealing solutions and superior, localized customer support.

October-

• Flowserve Receives Industry Leadership Awards. Flowserve announces that it has received two prestigious industry awards from global growth consulting company Frost & Sullivan honoring its market leadership in the pump sector. The two awards cite Flowserve's excellence in providing superior value to its customers and its global penetration in the oil and gas industry.

December-

• Flowserve Opens Quick Response Center and Training Facility in Germany. Located in Essen, Germany. The facility houses a Quick Response Center (QRC) that provides local sales, service, support and manufacturing of seals and associated products, and a Learning Resource Center (LRC) that offers best-practices maintenance training programs for pumps and seals for employees and customers.

2007

January-

• National Safety Council Honors Flowserve With 10 Industry Leader Awards for 2006. The National Safety Council (NSC) has honored Flowserve Corporation with 10 Industry Leader Awards for 2006, designating it as one of the safest companies in America. Flowserve received nearly six percent of the total of 168 NSC awards bestowed, the second most awards garnered by any one company for achievement in the 2005 calendar year.

April-

• Flowserve Announces the Opening of a New US$8.5 Million Manufacturing Facility in India. Flowserve announces the opening of its new Pump manufacturing facility in Coimbatore, India. The state-of-the-art facility will support the company's existing Indian operations and provide pump products, for the oil and gas, power and chemical industries.

• Flowserve Receives Inaugural Award for Business Cooperation From Indo-American Chamber in Chennai, India. Flowserve was honored as the recipient of the Indo-American Chamber-Sanmar Indo-U.S. Business Cooperation Award. The award was developed to recognize the efforts of individuals and business enterprises for their significant contribution in promoting Indo-U.S. relationships through business and economic activity.

• Flowserve Celebrates Grand Opening of Suzhou, China, Manufacturing Facility. Flowserve held a grand opening ceremony today at its new pump, valve and seal manufacturing facility in Suzhou, China. The state-of-the-art facility supports the company's existing China operations in Beijing, Shanghai, Dalian and Shenzhen by providing pumps, valves, seals and services to the oil and gas, power, chemical processing and water sectors as well as other industries.

• Ferguson Selected as Chairman of the Board for the Hydraulic Institute. Flowserve announces that Thomas E. Ferguson has been chosen as Chairman of the Board for the Hydraulic Institute (HI) for 2007–2008. Ferguson serves as President of Flowserve Pump Division, and was recently promoted to this chairmanship at the Hydraulic Institute’s 90th Annual Meeting in San Antonio, Texas.

• Flowserve Announces Joint Venture Partnership in China with Changsha Pump Works to Focus on China's Expanding Power and Water Industries. Flowserve announces a new joint venture agreement with Changsha Pump Works in China. The new joint venture between Flowserve and Changsha Pump Works, which is owned by Xiangtan Electric Manufacturing Co. (XEMC), will focus on the growing power and water industries in China.

May-

• Flowserve President and Chief Executive Officer Lewis M. Kling Receives Employment Extension from Board Until 2010. Flowserve announces that the company has entered into an employment extension agreement with its President and CEO, Lewis M. Kling. Under the extension, Kling has agreed to be available to serve in this capacity until February 28, 2010, when he turns age 65.

July-

• Flowserve Announces Agreement to Sell Small Swiss Manufacturing Facility and Two Small Non-Core Valve Product Lines. Flowserve announces that it has reached a definitive agreement to sell its small production facility in La Chaux-de-Fonds, Switzerland and two small non-core valve product lines located there. This move will enable Flowserve to eliminate redundant production of several other retained valve products.

• Flowserve Invests in Research and Development. Flowserve announces the opening of the Flow Control Engineering Center (FCEC), a new research and development facility in Bangalore, India.

• Flowserve Acquires MF Sealing Systems. Flowserve acquires MF Sealing Systems in Middlesbrough, UK. The company says this is designed to strengthen a long-standing alliance between the two companies for pump and seal sales and maintenance, and should further enhance Flowserve’s operations in the British pump and mechanical seal markets.

• Flowserve Corporation Celebrates 10-Year Anniversary. Flowserve celebrates the 10th anniversary of its incorporation and listing on the New York Stock Exchange (NYSE).

August-

• Flowserve Corp. Recognized by CIO Magazine as One of the 2007 CIO 100 Award Honorees. IDG's CIO Magazine today announced Flowserve as a recipient of the 2007 CIO 100. The 20th annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in information technology (IT).

September-

• Flowserve and Wood Group Form Cooperation Agreement. Flowserve Corporation and Wood Group Light Industrial Turbines Division, announce a cooperative agreement to establish a compressor dry gas seal retrofit program. This agreement will provide for a wide range of compressor overhaul and mechanical seal upgrade solutions to the oil and gas marketplace.

• Flowserve Corp. Reaches Agreement to Sell Swedish Non-Core Measurement Assets to Indutrade. Flowserve announces that it has reached a definitive agreement to sell certain product distribution assets of its small non-core instrumentation and positioner facility in Karlstad, Sweden, to Indutrade.

November-

• Flowserve Signs Exclusive Memorandum of Understanding with China National Nuclear Corporation and SUFA Technology Industry Co., LTD CNNC to Explore the Production of Valve Products for China's Growing Civilian Nuclear Power. Flowserve Corporation announcesthat it has signed a Memorandum of Understanding with the China National Nuclear Corporation (CNNC) and SUFA Technology Industry Co., LTD CNNC (SUFA). This Memorandum of Understanding is an exclusive agreement for the companies to explore forming a joint venture partnership in Suzhou, China.

• Flowserve Reaches Tentative Agreement to Sell Rail Assets in Australia. Flowserve announces it has reached a tentative agreement to sell the rail business related assets of its wholly owned Australian subsidiary Thompsons Kelly & Lewis Pty Ltd. (TKL), to Vossloh AG. Terms of the sale were not disclosed.

• Flowserve Breaks Ground for Quick Response Center in Dubai. Flowserve announces y it has broken ground on its newest Quick Response Center (QRC) located within the Jebel Ali Free Zone in Dubai, United Arab Emirates.

2008

January-

• Flowserve Selected by Automation Professionals as a 2007 Readers' Choice Award Winner from Control Magazine. Flow servewas selected by automation professionals in the January 2008 issue of Control magazine as the "2007 Readers' Choice Award" winner in the category of electric valve actuation. Flowserve produces the Limitorque brand of electric actuators and received more votes than any other company in the category.

February-

• Flowserve Introduces Breakthrough in Gaseous Noise Attenuation. Flowserve announces the release of Flowserve Valtek Stealth , a patented gaseous noise trim that reduces sound pressure levels in the most demanding applications.

• Flowserve and China's Sinopec Corp. Sign Strategic Cooperation Agreement. Flowserve has signed a strategic cooperation agreement with China Petroleum & Chemical Corporation (Sinopec Corp.).

March-

• Flowserve Continues to Grow Presence in Asia-Pacific Region with Acquisition of Full Ownership Interest of Niigata Worthington in Japan. Flowserve acquires the remaining 50 percent of shares needed to have full ownership interest in Niigata Worthington in Kawasaki, Kanagawa, Japan.

• Flowserve Enhances Field Service Capabilities on Nuclear Valves. Flowserve announces it has enhanced its on-site refurbishment capabilities for the Flowserve Edward and Anchor-Darling Field Service Unit.

May-

• Flowserve to Supply Valves For Two Westinghouse AP1000 Nuclear Power Plants Being Built in China. Flowserve announces it will supply main steam isolation valves for the first two Westinghouse Electric Company AP1000 nuclear power plant projects in China as part of a multi-million dollar (USD) contract.

2009

August-

• Flowserves Names Mark Blinn CEO. The Board of Directors named Mark A. Blinn, 47, as its next President and Chief Executive Officer, beginning October 1, 2009 and as a member of the Board of Directors, effective immediately. Blinn joined Flowserve in 2004 as Chief Financial Officer after serving in the same capacity at Kinko’s prior to its acquisition by FedEx. He earned a B.S. degree from the school of engineering, a J.D. in law and an M.B.A. from Southern Methodist University in Dallas. In addition to his role as CFO with Flowserve, Blinn has also been in charge of Latin America operations for the company since October, 2007.

October-

• Mark Blinn becomes active CEO and Vice Chairman of the Board.

2011

October-

• Flowserve acquires Lawrence Pumps Inc., a privately owned pump manufacturer for over 70 years located in Lawrence Massachusetts. Lawrence Pumps Inc. is known for its highly engineered pumps, custom tailored to suit the customers' demands. In 2008 Lawrence Pumps Inc. landed 137th nationwide on Inc. Magazines list of the most rapidly growing private manufacturing companies in the United States.

Industries served

• Oil & Gas
  • Production, Refining, Pipeline, Gas Processing
• Power Generation
  • Nuclear Power, Combine Cycle, Conventional Boiler
• 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

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. Lewis M. King announced his retirement at the end of the upon agreement in February 2010. King was elected Vice Chairman of the Board effective October 1, 2009. Mark Blinn succeeded King 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.

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

Flowserve has 5 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.

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

Environmental efforts

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.

External links

• Official site