Flowserve

Last updated
Flowserve Corporation
Company type Public
IndustryDiversified machinery
Founded1997
Headquarters Irving, Texas, U.S.
Key people
 Rowe, R. Scott, President and CEO (from April 1, 2017)
Lanesha Minnix, Senior Vice President and Chief Legal Officer
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
  • Increase2.svg US$3.945 billion (2019)
  • Increase2.svg US$3.833 billion (2018)
  • Increase2.svg US$760.28 million (2013) [1]
  • Increase2.svg US$675.78 million (2012) [1]
[2]
  • Increase2.svg US$485.53 million (2013) [1]
  • Increase2.svg US$448.34 million (2012) [1]
Total assets
  • Increase2.svg US$7.8 billion (2015) [3]
  • Increase2.svg US$ 4.8 billion (2012) [1]
Total equity
  • Decrease2.svg US$1.88 billion (2013) [3]
  • Decrease2.svg US$1.89 billion (2012) [1]
Number of employees
17,000 [4]  (2017)
Website 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. [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.

Contents

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

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

Related Research Articles

<span class="mw-page-title-main">Pump</span> Device that imparts energy to the fluids by mechanical action

A pump is a device that moves fluids, or sometimes slurries, by mechanical action, typically converted from electrical energy into hydraulic energy.

<span class="mw-page-title-main">End-face mechanical seal</span> Seal made by two rotating parts pressed together at their end faces

In mechanical engineering, an end-face mechanical seal is a type of seal used in rotating equipment, such as pumps, mixers, blowers, and compressors. When a pump operates, the liquid could leak out of the pump between the rotating shaft and the stationary pump casing. Since the shaft rotates, preventing this leakage can be difficult. Earlier pump models used mechanical packing to seal the shaft. Since World War II, mechanical seals have replaced packing in many applications.

<span class="mw-page-title-main">Centrifugal pump</span> Pump used to transport fluids by conversion of rotational kinetic energy

Centrifugal pumps are used to transport fluids by the conversion of rotational kinetic energy to the hydrodynamic energy of the fluid flow. The rotational energy typically comes from an engine or electric motor. They are a sub-class of dynamic axisymmetric work-absorbing turbomachinery. The fluid enters the pump impeller along or near to the rotating axis and is accelerated by the impeller, flowing radially outward into a diffuser or volute chamber (casing), from which it exits.

<span class="mw-page-title-main">Kirloskar Group</span> Indian conglomerate

Kirloskar Group is an Indian conglomerate, headquartered in Pune and manufacturing plant in Kirloskarvadi. The group exports to over 70 countries over most of Africa, Southeast Asia and Europe. The flagship and holding company, Kirloskar Brothers Ltd, established in 1888 in Kirloskarvadi, kirloskar group is India's largest maker of pumps and valves. It was the manufacturer of India's first modern iron plough. One of the group companies is a major component supplier for the Indian Arihant Nuclear Submarine program

The Palisades Water Index (ZWI) is a modified equal-dollar weighted stock market index. It is designed to track the performance of companies engaged in the global water industry such as pump and filter manufacturers, water utilities, and irrigation equipment manufacturers. The index was set at 1000 as of December 31, 2003.

The Weir Group plc is a Scottish multinational engineering company headquartered in Glasgow, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

A boiler feedwater pump is a specific type of pump used to pump feedwater into a steam boiler. The water may be freshly supplied or returning condensate produced as a result of the condensation of the steam produced by the boiler. These pumps are normally high pressure units that take suction from a condensate return system and can be of the centrifugal pump type or positive displacement type.

<span class="mw-page-title-main">Franklin Electric</span>

Franklin Electric (NASDAQ:FELE) is a manufacturer and distributor of products and systems focused on the movement and management of water and fuel. The company offers pumps, motors, drives, and controls for use in a variety of residential, commercial, agricultural, industrial, and municipal applications. Headquartered in Fort Wayne, Indiana, the company also operates manufacturing facilities in the United States, Germany, Czech Republic, Italy, Turkey, Mexico, Brazil, Australia, South Africa, China, and Japan. As of 2020, the company employed 5,400 individuals worldwide.

<span class="mw-page-title-main">Vapor-compression refrigeration</span> Refrigeration process

Vapour-compression refrigeration or vapor-compression refrigeration system (VCRS), in which the refrigerant undergoes phase changes, is one of the many refrigeration cycles and is the most widely used method for air conditioning of buildings and automobiles. It is also used in domestic and commercial refrigerators, large-scale warehouses for chilled or frozen storage of foods and meats, refrigerated trucks and railroad cars, and a host of other commercial and industrial services. Oil refineries, petrochemical and chemical processing plants, and natural gas processing plants are among the many types of industrial plants that often utilize large vapor-compression refrigeration systems. Cascade refrigeration systems may also be implemented using two compressors.

<span class="mw-page-title-main">Wilo</span> European manufacturer of pumps and pump systems

Wilo SE is a European manufacturer of pumps and pump systems for the building technology, water and industrial sectors with headquarters in Dortmund, Germany. Founded in 1872 as copper and brass factory by Louis Opländer, the company has over 60 subsidiaries in more than 50 countries and employs about 8,500 people worldwide.

<span class="mw-page-title-main">Ateliers de Constructions Electriques de Charleroi</span>

SA Ateliers de Constructions Electriques de Charleroi (ACEC) was a Belgian manufacturer of electrical generation, transmission, transport, lighting and industrial equipment, with origins dating to the late 19th century as a successor to the Société Électricité et Hydraulique founded by Julien Dulait.

Ingersoll Rand Inc. is an American multinational company that provides flow creation and industrial products. The company was formed in February 2020 through the spinoff of the industrial segment of Ingersoll-Rand plc and its merger with Gardner Denver. Its products are sold under more than 40 brands across all major global markets.

<span class="mw-page-title-main">Sundyne</span>

Sundyne is the company’s common name and the brand name for its products and services.

Independent Natural Resources, Inc. or INRI is an American IP holding company based in Eden Prairie, Minnesota. It formed Renew Blue in Dallas as a wholly owned subsidiary charged with licensing the SEADOG pump.

<span class="mw-page-title-main">Cameron International</span> American oilfield services company

Cameron International Corporation (formerly Cooper Cameron Corporation (CCC) and Cooper Oil Tool, Cameron Iron Works) though now operating under Schlumberger, is a global provider of pressure control, production, processing, and flow control systems as well as project management and aftermarket services for the oil and gas and process industries. Cameron was acquired by Schlumberger (SLB) in 2016, and now operates as 'Cameron, an SLB Company.' At the start of the SLB acquisition in 2015, Cameron employed approximately 23,000 people and delivered $9.8 billion in revenue.

Dresser-Rand is an American engineering and manufacturing company owned by Siemens Energy. The company designs, manufactures, and services equipment used in the extraction of petroleum and natural gas. The company was formed in 1986 as a joint venture of Dresser Industries and Ingersoll Rand.

The Duriron Company is an industrial component manufacturer of such products as automatic control valves, valves and actuators, pumps, sealing systems, filtration equipment, pipes and fittings. The company was incorporated in 1912 as the Duriron Casting Company in Dayton, Ohio by John R. Pitman, William E. Hall, and Pierce D. Schenck.

<span class="mw-page-title-main">Worthington-Simpson</span>

Worthington-Simpson was a British pump manufacturer. Many of their pumps were used in municipal waterworks in Great Britain.

<span class="mw-page-title-main">KSB SE</span> German multinational manufacturer

KSB SE & Co. KGaA is a German multinational manufacturer of pumps, valves with headquarters in Frankenthal (Pfalz), Germany. The KSB Group has manufacturing plants, sales and marketing organizations, and service operations on every continent except Antarctica.

<span class="mw-page-title-main">Pleuger</span> German manufacturing company

Pleuger Industries is a German manufacturer of submersible pumps, thrusters, and plunger pumps. It is based in Hamburg, Germany. The word "Pleuger" is sometimes considered as synonymous for water-filled motors with multi-stage pumps. It is also considered as the pioneer of submersible turbine pump motor.

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. Archived from the original on 2019-05-25. 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". Archived from the original on 2010-02-12. Retrieved 2010-07-16.
  10. ↑ "MF Flowserve.com". Archived from the original on 2011-01-07. Retrieved 2010-07-16.
  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.[ permanent dead link ]
  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. Archived from the original on 2017-08-23. 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. Archived from the original on 2020-06-26. 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. Archived from the original on 2018-06-28. 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". Archived from the original on 2016-03-05. Retrieved 2012-10-26.
  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".
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.