Flowserve Corporation
TypePublic
IndustryDiversified machinery
Founded1997
HeadquartersIrving, Texas, U.S.
Key people
Rowe, R. Scott, President and CEO (from April 1, 2017)
Lanesha Minnix, Senior Vice President and Chief Legal Officer
ProductsActuators
Ball valves
Butterfly valves
Control valves
Plug valves
end face mechanical seals
Pumps
ServicesPower industry
Oil industry
Gas industry
Chemical industry
Revenue
  • Increase US$3.945 billion (2019)
  • Increase US$3.833 billion (2018)
  • Increase US$760.28 million (2013)[1]
  • Increase US$675.78 million (2012)[1]
[2]
  • Increase US$485.53 million (2013)[1]
  • Increase US$448.34 million (2012)[1]
Total assets
  • Increase US$7.8 billion (2015)[3]
  • Increase US$ 4.8 billion (2012)[1]
Total equity
  • Decrease US$1.88 billion (2013)[3]
  • Decrease US$1.89 billion (2012)[1]
Number of employees
17,000[4] (2017)
Websiteflowserve.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.[5] Headquartered in Irving, Texas, which is in the Dallas–Fort Worth Metroplex, Flowserve employs close to 16,000 employees in more than 50 countries.[6] 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.[7]

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.[8] 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,[9] Sealing Systems in 2007,[10] Calder AG in 2009[11] and Valbart Srl in 2010.[12] 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

  • 1997 - Merger of BW/IP and Durco International (adoption of brand name Flowserve)
  • 1997 - Stork Engineered Pumps
  • 2000 - Ingersoll-Dresser Pumps (IDP)
  • 2000 - Innovative Valve Technologies Inc. (Houston-based maintenance, repair, and replacement services for industrial valves, piping systems, and process system components[13])
  • 2002 - Flow Control division of Invensys (manufacturer of valves, actuators and associated flow control products[14])
  • 2004 - Thompsons Kelly & Lewis[15] (Australian supplier of centrifugal pumps[16])
  • 2005 - Interseal assets (from Australia-based Ludowici Mineral Processing Equipment Pty Ltd.[17])
  • 2006 - HydroTechnik (privately held mechanical seal manufacturer based in Olomouc, Czech Republic[18])
  • 2007 - MF Sealing Systems (British industrial pump and seal repairer[19])
  • 2009 - Calder AG (Swiss desalination energy-recovery system provider[20])
  • 2010 - Valbart Srl (privately owned Italian valve manufacturer[21])
  • 2011 - Lawrence Pumps Inc. (privately held centrifugal pumps manufacturer[22])
  • 2013 - Audco India Limited (MMN PLANT[23])
  • 2013 - Innomag Sealless Pumps[24]
  • 2015 - Sihi Group[25]

Industries served

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.[26]

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.[27]

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:[28]

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 24,000 square feet (2,200 m2) with classrooms, static labs, and power labs with complete pumping systems.[29] The LRC in Italy is the most recent, opening on April 20, 2010.[30]

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.[31]

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.[32]

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.[33]

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.[34]

See also

References

  1. 1 2 3 4 5 6 "FLOWSERVE CORP 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 18, 2014.
  2. ↑ "Flowserve Corp 2011 Annual Report - Form 10-K - February 22, 2012". secdatabase.com. Retrieved 2012-05-16.
  3. 1 2 "FLOWSERVE CORP 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 23, 2014.
  4. ↑ "Flowserve". Fortune. Retrieved 2019-02-05.
  5. ↑ Reidy, R. (29 June 2006). Profile of the International Pump Industry: Market Prospects to 2010. Elsevier. pp. 115–. ISBN 978-1-85617-487-9. Retrieved 26 October 2012.
  6. ↑ "About Company | About Flowserve | Flowserve". www.flowserve.com. Retrieved 2018-04-10.
  7. ↑ 2007 Winner Profile Flowserve Corporation, CIO Magazine, 21 August 2007. (Archived June 2, 2013, at the Wayback Machine)
  8. ↑ Roberts, Gwilym (1 January 2006). Chelsea to Cairo-- 'Taylor-Made' Water Through Eleven Reigns and in Six Continents: A History of John Taylor & Sons and Their Predecessors. Thomas Telford. pp. 8–. ISBN 978-0-7277-3411-2. Retrieved 26 October 2012.
  9. ↑ Flowserve.com
  10. ↑ MF Flowserve.com
  11. ↑ "Flowserve.com". Archived from the original on 2010-12-27. Retrieved 2010-07-16.
  12. ↑ "Flowserve.com". Archived from the original on 2010-12-27. Retrieved 2010-07-16.
  13. ↑ Brown, Alan S. (2000-01-12). "Flowserve Restructures, Acquires Innovative Valve Technologies". Pharmaceutical Online. Retrieved 2017-08-23.
  14. ↑ "Flowserve to acquire Invensys' Flow Control Division". www.mdm.com. 2002-03-25. Retrieved 2017-08-23.
  15. ↑ Moore, Robert (2015-12-29). "Kelly & Lewis: an Australian pumping legend". pumpindustry. Retrieved 2017-08-23.
  16. ↑ "Flowserve acquires rest of Thompsons, Kelly & Lewis". Control Engineering. 2004-03-09. Retrieved 2017-08-23.
  17. ↑ "Flowserve to acquire Interseal assets of Australian company". www.waterworld.com. 2005-03-22. Retrieved 2017-08-23.
  18. ↑ "Flowserve Acquires HydroTechnik Olomouc". Rigzone. 2006-06-20. Retrieved 2017-08-23.
  19. ↑ "Flowserve buys UK´s MF Sealing". utech-polyurethane.com. 2007-07-24. Retrieved 2017-08-23.
  20. ↑ "Calder bought by Flowserve". Water, Desalination + Reuse. 2009-04-21. Retrieved 2017-08-23.
  21. ↑ "Flowserve buys Italian valve manufacturer Valbart". www.worldpumps.com. 2010-07-16. Retrieved 2017-08-23.
  22. ↑ "Flowserve buying Lawrence Pumps". NewsOK. 2011-10-04. Retrieved 2017-08-23.
  23. ↑ "L&T completes acquisition of Audco India Limited - Valve World". www.valve-world.net. Retrieved 2020-06-24.
  24. ↑ "Flowserve Acquires Innovative Mag-Drive, LLC". finance.yahoo.com. Retrieved 2020-06-24.
  25. ↑ "Flowserve Completes the Acquisition of SIHI Group | ARC Advisory Group". www.arcweb.com. Retrieved 2020-06-24.
  26. ↑ "Flowserve extends CEO's employment agreement until 2010". Archived from the original on 2013-07-02. Retrieved 2012-10-26.
  27. ↑ "Flowserve.com". Archived from the original on 2010-01-04. Retrieved 2019-04-23.
  28. ↑ "Flowserve - Investors - Board of Directors". ir.flowserve.com. Retrieved 2018-04-10.
  29. ↑ "Flowserve in Russia". Retrieved 2014-10-04.
  30. ↑ Flowserve Opens New State-of-the-Art Learning Resource Center in Desio, Italy
  31. ↑ Major companies -- including Home Depot and Ford -- pledge millions to hurricane relief efforts.
  32. ↑ "Flowserve Announced Restatement for 2003".
  33. ↑ "Flowserve Announces Filing Delays".
  34. ↑ "Flowserve Confirms Financial Restatement".
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