Flowserve Signs Exclusive Distributor Agreement

06.10.2003

Flowserve Corp., a leading global manufacturer of fluid motion and control products and services, announces an alliance agreement for Greene, Tweed's WR(R) line (non-metallic engineered wear components) to be available to Flowserve's served aftermarket.

This exciting new alliance provides Flowserve customers with Greene, Tweed's innovative product line that provides superior service plus cost-effective and reliable solutions that reduce mean time between failure.

Andy Beall, Flowserve Flow Solutions Division president, believes Flowserve's customers will reap added benefits from Greene, Tweed's WR offerings. "This alliance supplements the broad product line already offered our end-user markets," Beall said. "Additionally, it represents another component to add customer value and delight our customers in the customer-centric environment Flowserve provides."

Phil Paino, Greene, Tweed's president, views the alliance as an exciting opportunity for his organization. "Our alliance with Flowserve provides access to its key market sectors, such as the chemical and refining industries, as well as complementing our sales and marketing strategies," Paino said. "We also anticipate this new union will provide greater opportunities for the application of our WR products in pumping systems to increase efficiencies and decrease total life-cycle cost for our mutual end-user customers."

U.S. Department of Energy statistics show certain industrial plant operations pumping systems can account for up to 50 percent of all energy consumed. Applications employing Greene, Tweed's WR product line create operational improvements and savings through decreased costs while generating a positive impact on the environment.

Greene, Tweed is a leading global manufacturer of wear materials, high-performance seals and engineered components. The company specializes in developing customized solutions for applications in aerospace, medical and biotechnology, fluid handling, industrial, oilfield and semiconductor industries. Greene, Tweed combines over a century of technical expertise and commercial knowledge to provide customers with engineered solutions for their applications. Greene, Tweed products are sold and distributed worldwide.

SAFE HARBOR STATEMENT: This news release contains various forward-looking statements and includes assumptions about Flowserve's future market conditions, operations and results. These statements are based on current expectations and are subject to significant risks and uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Among the many factors that could cause actual results to differ materially from the forward-looking statements are: material adverse events in the national financial markets; changes in the already competitive environment for the company's products or competitors' responses to Flowserve's strategies; the company's ability to integrate past and future acquisitions into its management operations; political risks, military actions or trade embargoes affecting customer markets, including continuing conflict in Iraq with its potential impact on Middle Eastern markets and global oil producers; the health of the company's various customer industries, including the petroleum, chemical, power and water industries; economic turmoil in areas outside the United States; global economic growth; unanticipated difficulties or costs associated with new systems, including software; the company's relative geographical profitability and its impact on the company's utilization of foreign tax credits; and the recognition of significant expenses associated with adjustments to realign the company's facilities and other capabilities with its strategies and business conditions, including, without limitation, expenses incurred in restructuring the company's operations and the cost of financing, including increases in interest costs. Flowserve undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise.

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