Flowserve

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, 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)
Employees ~16,380 in 56 countries (2011)
Website www.flowserve.com

The Flowserve Corporation (NYSEFLS) 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.[1]

Contents

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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,[2] Sealing Systems in 2007,[3] Calder Ag in 2009[4] and Valbart Srl in 2010.[5]

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.

Timeline

2006

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2007

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Industries Served

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.[39] 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.[38]

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.[40]

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.[41]

References

  1. ^ Flowserve Corp Recognized by CIO Magazine as One of the 2007 CIO 100 Award Honorees
  2. ^ Flowserve.com
  3. ^ MF Flowserve.com
  4. ^ Flowserve.com
  5. ^ Flowserve.com
  6. ^ Al Rushaid/Flowserve Joint Venture to Build Middle East's Largest Pump Repair-Manufacture-Test-Training Facility in Saudi Arabia
  7. ^ Flowserve Buys Czech Seals Maker
  8. ^ Flowserve Files 2005 Form 10-K
  9. ^ Flowserve Launches the Guardian 3000
  10. ^ Opening of Suzhou, China Manufactring Facility
  11. ^ Flowserve President and CEO Lewis Kling Receives 2006 Marco Polo Award
  12. ^ Flowserve opens Quick Response Center in the Netherlands
  13. ^ Flowserve Receives Industry Leadership Awards
  14. ^ Flowserve Opens Quick Response Center and Training Facility in Germany
  15. ^ National Safety Council Honors Flowserve With 10 Industry Leader Awards for 2006
  16. ^ Flowserve Announces the Opening of a New US$8.5 Million Manufacturing Facility in India
  17. ^ Flowserve Receives Inaugural Award for Business Cooperation From Indo-American Chamber in Chennai, India
  18. ^ Flowserve Celebrates Grand Opening of Suzhou, China, Manufacturing Facility
  19. ^ Ferguson Selected as Chairman of the Board for the Hydraulic Institute
  20. ^ Flowserve Announces Joint Venture Partnership in China with Changsha Pump Works to Focus on China's Expanding Power and Water Industries
  21. ^ Flowserve President and Chief Executive Officer Lewis M. Kling Receives Employment Extension from Board Until 2010
  22. ^ Flowserve Announces Agreement to Sell Small Swiss Manufacturing Facility and Two Small Non-Core Valve Product Lines
  23. ^ Flowserve Invests in Research and Development
  24. ^ Flowserve Acquires MF Sealing Systems
  25. ^ Flowserve Corporation Celebrates 10-Year Anniversary
  26. ^ Flowserve Corp. Recognized by CIO Magazine as One of the 2007 CIO 100 Award Honorees
  27. ^ Flowserve and Wood Group Form Cooperation Agreement
  28. ^ Flowserve Corp. Reaches Agreement to Sell Swedish Non-Core Measurement Assets to Indutrade
  29. ^ 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
  30. ^ Flowserve Reaches Tentative Agreement to Sell Rail Assets in Australia
  31. ^ Flowserve Breaks Ground for Quick Response Center in Dubai
  32. ^ Flowserve Selected by Automation Professionals as a 2007 Readers' Choice Award Winner from Control Magazine
  33. ^ Flowserve Introduces Breakthrough in Gaseous Noise Attenuation
  34. ^ Flowserve and China's Sinopec Corp. Sign Strategic Cooperation Agreement
  35. ^ Flowserve Continues to Grow Presence in Asia-Pacific Region with Acquisition of Full Ownership Interest of Niigata Worthington in Japan
  36. ^ Flowserve Enhances Field Service Capabilities on Nuclear Valves
  37. ^ Flowserve to Supply Valves For Two Westinghouse AP1000 Nuclear Power Plants Being Built in China
  38. ^ a b Flowserve.com
  39. ^ Flowserve extends CEO's employment agreement until 2010
  40. ^ Flowserve Opens Quick Response Center and Training Facility in Germany
  41. ^ Major companies -- including Home Depot and Ford -- pledge millions to hurricane relief efforts.

External links

Dallas-Fort Worth portal
Companies portal