New Head of Flowserve Pump Division

Ferguson's career with Flowserve and one of its predecessor companies, BW/IP, spans 16 years. Ferguson, 46, has served in a number of key domestic and international management positions, most recently as corporate vice president and president of the Flow Solutions Division. Flow Solutions manufactures and services precision mechanical seals and has been Flowserve's most profitable division in recent years. Ferguson served for nine years in sales, marketing, technical and general management roles for Flowserve Seals. He also served for six years in sales and marketing in the Pump Division of BW/IP. Ferguson also has held key positions in the oilfield services sector, including 10 years in sales, marketing and technical roles. He holds a bachelor of science degree in industrial distribution and technology from Texas A&M University.

"I am extremely pleased that Tom has accepted the position of president of the Pump Division," said Chairman, President, and Chief Executive Officer C. Scott Greer. "As the leader of our seals business, he demonstrated the power of the Flowserve business model in 2002 by leading the Flow Solutions Division to increases in revenues of 7 percent and operating income of 26 percent despite very challenging end-market conditions. Because of his success, Tom is the ideal person to drive the Flowserve business model within the Pump Division. His industry experience and operational know-how will be invaluable assets as we seek to achieve our goal of being a world-class pump manufacturer and service provider."

Ferguson succeeds Carlos M. Cardoso, who resigned to accept a position with another corporation.

"We appreciate the contributions Carlos made to Flowserve and wish him well in his new position," Greer said. "Under Carlos, the Pump Division made good progress in improving its operations and strengthening its customer focus. I am extremely confident that Tom will build on the improvement Carlos made within the Pump Division."

Greer said he will announce soon a successor to Ferguson as leader of the Flow Solutions Division.

Flowserve Corp. (NYSE:FLS) is one of the world's leading providers of industrial flow management services. Operating in 56 countries, the company produces engineered and industrial 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.