Flowserve Completes Acquisition of IDP
DALLAS - Flowserve Corp. (NYSE: FLS) today announced the completion of its acquisition of Ingersoll-Dresser Pump Co. from Ingersoll-Rand.
The $775 million acquisition creates the world’s largest pump company serving the petroleum, chemical and power industries and the second largest pump company overall.
"The integration of IDP into Flowserve will begin immediately," said Flowserve Chairman, President and Chief Executive Officer, C. Scott Greer. "We have already identified significant synergies and cost savings that will quickly start making positive impacts on the combined businesses. We expect increasing benefits in future periods.
"We couldn’t be more enthusiastic about our acquisition of IDP. This is truly a transforming acquisition catapulting Flowserve to the market leader in our key markets. It bolsters Flowserve’s product offerings in the petroleum, chemical and power industries and broadens our activities in the areas of water and general industry," Greer said. "In addition, it enhances our global presence, particularly in Europe, Asia and Latin America."
Flowserve Corp. is one of the world's leading providers of industrial flow management services. Operating in 30 countries, with pro forma (including IDP and Invatec) 1999 sales of $2.1 billion and more than 10,000 employees, the Company produces engineered pumps for the process industries, precision mechanical seals, automated and manual quarter-turn valves, control valves and valve actuators, and provides a range of related flow management services.
More information about Flowserve Corp. can be obtained by visiting the Company's web site at
Source: Flowserve Corporation