Flowserve Announces $30 Million Expansion in India
Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced it is investing $30 million to expand and upgrade its current facilities in Coimbatore, India.
Flowserve currently operates a Coimbatore campus that contains two manufacturing facilities and produces a wide range of industrial and engineered pumps. Flowserve will add a third facility to the campus that will produce high-energy pumps used extensively in nuclear and fossil fuel power plants. The new facility is planned for completion in the fourth quarter of 2012. Including joint ventures, Flowserve employs approximately 2,500 people in India.
"The addition of this third manufacturing facility allows Flowserve to expand our Coimbatore product portfolio to include a broader range of engineered pumps," said Tom Ferguson, president, Flowserve Flow Solutions Group.
The power generation market in India is rapidly expanding with a significant number of nuclear and fossil fuel power plants planned over the next two decades. To meet this expansion, a large number of boiler feed water pumps, cooling water pumps and a variety of other high-energy pumps are needed. In addition to the power generation expansion, companies are investing several billion dollars to construct new petroleum refining capacity in India within the next few years.
"This key strategic initiative will give Flowserve a local source for high-energy pumps and allow us to participate in the rapid growth in both the nuclear and fossil fuel power generation markets in India," Ferguson added.
Source: Flowserve Corporation