Flowserve Announces $300 Million Share Repurchase Program
DALLAS, September 12, 2011 – Flowserve Corp. (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that its board of directors has authorized a new program to repurchase up to $300 million of its outstanding common stock. Shares may be repurchased from time to time by the company at its discretion in the open market or through privately negotiated transactions, depending on prevailing market conditions, alternative uses of capital and other factors. The share repurchase program does not have an expiration date and may be limited or terminated at any time without notice. The company has nearly completed repurchase activity under its existing $300 million share repurchase program, which was announced in February 2008. As of June 30, 2011 the company had approximately 55.8 million shares outstanding.
“Our board of directors’ action reflects our continued commitment to a disciplined capital allocation strategy and demonstrates our confidence in the company’s ability to deliver strong cash flows in the future,” said Mark Blinn, Flowserve president and chief executive officer. “This new share repurchase program provides the capacity to continue executing on our capital allocation strategy as we focus on delivering solid returns for our shareholders.”
About Flowserve
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s website at www.flowserve.com.
Technical Contact: Mike Mullin, director, investor relations, (972) 443-6636
Media Contact: Steve Boone, director, global communications and public affairs, (972) 443-6644
