Flowserve Explained

Flowserve Corporation
Type:Public
Key People:Rowe, R. Scott, President and CEO (from April 1, 2017)
Lanesha Minnix, Senior Vice President and Chief Legal Officer
Industry:Diversified machinery
Products:Actuators
Ball valves
Butterfly valves
Control valves
Plug valves
end face mechanical seals
Pumps
Services:Power industry
Oil industry
Gas industry
Chemical industry
Operating Income:[1]
Num Employees:17,000[2]
Num Employees Year:2017
Founded:1997
Location:Irving, Texas, U.S.

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.[3] Headquartered in Irving, Texas, which is in the Dallas–Fort Worth Metroplex, Flowserve employs close to 16,000 employees in more than 50 countries.[4] Flowserve sells products and offers aftermarket services to engineering and construction firms, original equipment manufacturers, distributors, and end users. The Flowserve brand name originated in 1997 with a merger of BW/IP (Borg-Warner/IP International) 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

Flowserve's 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. In March 2013 acquired a manufacturing plant from L&T Valves situated in Maraimalainagar, Tamil Nadu. In 2015 Flowserve acquired SIHI.

Products

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, IDP, Innomag, 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, SIHI (Siemen & Hinsch), TKL, United Centrifugal, Valtek, Valtek EMA, Vogt, Western Land Roller, Wilson-Snyder, Worcester Controls, Worthington

Acquisitions

Flowserve has grown through mergers and acquisitions.

Acquisitions under Flowserve Corporation

Industries served

production, refining, pipeline, gas processing

Corporate governance

In July 2005, Flowserve announced a change of senior leadership. The board of directors appointed Lewis M. Kling, then Chief Operating Officer, as the new president, CEO, and member of the board of directors. On May 30, 2007 Kling's employment agreement was extended until February 28, 2010, when he retired.[24]

Mark Blinn succeeded Kling as CEO, having previously served as Chief Financial Officer from 2004 until October 1, 2009, when he officially took over as CEO and vice chairman of the board.[25]

Blinn subsequently also retired and was succeeded by R. Scott Rowe as President and Chief Executive Officer in April 2017.

The members of the Flowserve board of directors is available at https://ir.flowserve.com/corporate-governance/board-of-directors:[26]

Educational services

Flowserve has five training centers, catering for students from around the world, in Irving, Texas; Kalamazoo, Michigan; Houston, Texas, Baton Rouge, Louisiana; and Desio, Italy. The learning resource center in Irving occupies 24000square feet with classrooms, static labs, and power labs with complete pumping systems.[27] The LRC in Italy is the most recent, opening on April 20, 2010.[28]

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.[29]

Restatements

On Feb 3, 2004, Flowserve announced restatement of its financial statements for aggregate estimated pretax adjustments for 2003. The restatement was approximately $11 million.[30]

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.[31]

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.[32]

See also

External links

Notes and References

  1. Web site: Flowserve Corp 2011 Annual Report - Form 10-K - February 22, 2012. . secdatabase.com . 2012-05-16.
  2. Web site: Flowserve. Fortune. 2019-02-05. 2019-05-25. https://web.archive.org/web/20190525212145/http://fortune.com/fortune500/flowserve/. dead.
  3. Book: Reidy, R.. Profile of the International Pump Industry: Market Prospects to 2010. 26 October 2012. 29 June 2006. Elsevier. 978-1-85617-487-9. 115–.
  4. Web site: About Company About Flowserve Flowserve. www.flowserve.com. en. 2018-04-10.
  5. http://www.cio.com/cio100/detail/1696 2007 Winner Profile Flowserve Corporation, CIO Magazine, 21 August 2007.
  6. Book: Roberts, Gwilym. Chelsea to Cairo-- 'Taylor-Made' Water Through Eleven Reigns and in Six Continents: A History of John Taylor & Sons and Their Predecessors. 26 October 2012. 1 January 2006. Thomas Telford. 978-0-7277-3411-2. 8–.
  7. Web site: Flowserve.com . 2010-07-16 . 2010-02-12 . https://web.archive.org/web/20100212000636/http://flowserve.com/About-Flowserve/News-%26-Events/Press-Releases/Flowserve-Announces-Acquisition-of-Hydrotechnik-Olomouc%2Cen_US . dead .
  8. Web site: MF Flowserve.com . 2010-07-16 . 2011-01-07 . https://web.archive.org/web/20110107232330/http://www.flowserve.com/About-Flowserve/News-%26-Events/Press-Releases/Flowserve-Acquires-MF-Sealing-Systems%2Cen_US . dead .
  9. Web site: Flowserve.com . 2010-07-16 . https://web.archive.org/web/20101227233651/http://www.flowserve.com/About-Flowserve/News-%26-Events/Press-Releases/Flowserve-Acquires-CALDER-AG%2C-a-Leading-Supplier-of-Critical-Proprietary-Technology-and-Equipment-for-the-Growing-Global-Desalination-Market%2Cen_US . 2010-12-27 . dead .
  10. Web site: Flowserve.com . 2010-07-16 . https://web.archive.org/web/20101227233703/http://www.flowserve.com/About-Flowserve/News-%26-Events/Press-Releases/Flowserve-Acquires-Valbart-Srl%2C-Italian-Valve-Manufacturer%2Cen_US . 2010-12-27 . dead .
  11. Web site: Flowserve Restructures, Acquires Innovative Valve Technologies. Brown. Alan S.. 2000-01-12. Pharmaceutical Online. 2017-08-23.
  12. Web site: Flowserve to acquire Invensys' Flow Control Division. 2002-03-25. www.mdm.com. 2017-08-23.
  13. Web site: Kelly & Lewis: an Australian pumping legend. Moore. Robert. 2015-12-29. pumpindustry. 2017-08-23.
  14. Web site: Flowserve acquires rest of Thompsons, Kelly & Lewis. 2004-03-09. Control Engineering. 2017-08-23.
  15. Web site: Flowserve to acquire Interseal assets of Australian company. 2005-03-22. www.waterworld.com. 2017-08-23.
  16. Web site: Flowserve Acquires HydroTechnik Olomouc. 2006-06-20. Rigzone. 2017-08-23.
  17. Web site: Flowserve buys UK´s MF Sealing. 2007-07-24. utech-polyurethane.com. 2017-08-23.
  18. Web site: Calder bought by Flowserve. 2009-04-21. Water, Desalination + Reuse. 2017-08-23.
  19. Web site: Flowserve buys Italian valve manufacturer Valbart. 2010-07-16. www.worldpumps.com. 2017-08-23. 2017-08-23. https://web.archive.org/web/20170823070703/http://www.worldpumps.com/view/11052/flowserve-buys-italian-valve-manufacturer-valbart/. dead.
  20. Web site: Flowserve buying Lawrence Pumps. 2011-10-04. NewsOK. 2017-08-23.
  21. Web site: L&T completes acquisition of Audco India Limited - Valve World. 2020-06-24. www.valve-world.net. 2020-06-26. https://web.archive.org/web/20200626165434/https://www.valve-world.net/news/40485/lt-completes-acquisition-of-audco-india-limited.html. dead.
  22. Web site: Flowserve Acquires Innovative Mag-Drive, LLC. 2020-06-24. finance.yahoo.com. en-US.
  23. Web site: Flowserve Completes the Acquisition of SIHI Group ARC Advisory Group. 2020-06-24. www.arcweb.com.
  24. Web site: Flowserve extends CEO's employment agreement until 2010 . 2012-10-26 . https://web.archive.org/web/20130702221839/http://us.mobile.reuters.com/article/businessNews/idUSWNAS271220070530?ca=rdt . 2013-07-02 . dead .
  25. Web site: Flowserve.com . 2019-04-23 . https://web.archive.org/web/20100104050558/http://flowserve.com/About-Flowserve/News-%26-Events/Press-Releases/Flowserve-Names-Mark-A.-Blinn-Next-President-and-Chief-Executive-Officer-Succeeding-Retiring-Lewis-M.-Kling%2Cen_US . 2010-01-04 . dead .
  26. Web site: Flowserve - Investors - Board of Directors. ir.flowserve.com. 2018-04-10. 2018-06-28. https://web.archive.org/web/20180628112446/http://ir.flowserve.com/phoenix.zhtml?c=79032&p=irol-govboard#govboard. dead.
  27. Web site: Flowserve in Russia. 2014-10-04.
  28. Web site: Flowserve Opens New State-of-the-Art Learning Resource Center in Desio, Italy . 2012-10-26 . 2016-03-05 . https://web.archive.org/web/20160305034030/http://www.flowserve.com/About-Flowserve/News-%26-Events/Press-Releases/Flowserve-Opens-New-State-of-the-Art-Learning-Resource-Center-in-Desio-Italy%2Cen_US . dead .
  29. https://money.cnn.com/2005/08/31/news/fortune500/firms_hurricane/index.htm Major companies -- including Home Depot and Ford -- pledge millions to hurricane relief efforts.
  30. Web site: Flowserve Announced Restatement for 2003.
  31. Web site: Flowserve Announces Filing Delays.
  32. Web site: Flowserve Confirms Financial Restatement.

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