Flowserve Celebrates Grand Opening of Suzhou, China, Manufacturing Facility
A World Leader in Fluid Motion and Control Products and Services Opens New Pump, Valve and Seal Manufacturing Facility
SUZHOU, China, Apr 17, 2007-- Flowserve Corp. (NYSE: FLS), a world leader in fluid motion and control products and services, held a grand opening ceremony today at its new pump, valve and seal manufacturing facility in Suzhou, China. The state-of-the-art facility supports the company's existing China operations in Beijing, Shanghai, Dalian and Shenzhen by providing pumps, valves, seals and services to the oil and gas, power, chemical processing and water sectors as well as other industries.
Lewis Kling, President and CEO of Flowserve along with Suzhou Vice Mayor, Mr. Zhou Weiqiang, dedicated the new facility in a ceremony along with other Chinese officials, Flowserve executives and members of the international business community.
The new facility is located in the Suzhou Industrial Park, 100 kilometers outside of Shanghai, and is ideally positioned to help Flowserve expand its growing customer base in the Asia-Pacific region, as well as it's other global markets.
This site will provide a platform for continued growth and will support manufacturing of several pump, valve and seal product lines for the domestic and export markets. In addition to manufacturing, the new facility will also provide engineering, assembly and test capabilities.
"Rapid growth is driving profound change in China's oil and gas, energy, chemical and water industries," said Lewis Kling, President and CEO of Flowserve. "In addition, refining and processing operations are being transformed around the globe to make more efficient use of natural resources. Our new facility in Suzhou provides local manufacturing, sourcing and services that will help both our global and China customers with their most challenging needs through the use of our industry-leading engineering and manufacturing capabilities," added Kling.
Flowserve's products are designed to withstand extreme temperatures, caustic chemicals, intense pressures and other demanding conditions in some of the most remote and developing geographies. These products and services combined with over 200 years of experience enable Flowserve to support critical infrastructure projects that are essential to delivering growth in the region.
"This facility is designed to provide our products and services to help address the region's strong growth plans," said Flowserve China President Colin Chua. "Our company is committed to this market both in business and employee development, and this will be reflected in how we operate the facility, how we partner with the local community and in the solutions we offer to our customers."
"Recently there has been tremendous growth in the oil and gas, power and petrochemical industries in China," said Vice Mayor of the Suzhou Municipal Government, Mr. Zhou Weiqiang. "As the global leader in flow control systems, Flowserve has great opportunities and prospects here. Suzhou Industrial Park is committed to cooperating with Flowserve in order to foster growth and we believe that Flowserve will prosper in China and continue to invest in its operations here," added Mr. Weiqiang.
Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.
SAFE HARBOR STATEMENT
This news release includes forward-looking statements. Forward looking statements are all statements that are not statements of historical facts and include, without limitation, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition. The words "believe," "seek," "anticipate," "plan," "estimate," "expect," "intend," "project," "forecast," "predict," "potential," "continue," "will," "may," "could," "should," and other words of similar meaning are intended to identify forward-looking statements. The forward-looking statements made in this news release are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that, in some cases, are beyond our control. These risks, uncertainties and factors may cause our actual results, performance and achievements, or industry results and market trends, to be materially different from any future results, performance, achievements or trends expressed or implied by such forward-looking statements. Important risks, uncertainties and other factors that could cause actual results to differ from these forward-looking statements include, but are not limited to, the following: delays in future reports of the Company's management and outside auditors on the Company's internal control over financial reporting and related certifications; continuing delays in the Company's filing of its periodic public reports and any SEC, NYSE or debt rating agencies' actions resulting therefrom; the possibility of adverse consequences of the pending securities litigation; the possibility of adverse consequences related to the investigations by the SEC and foreign authorities regarding our participation in the United States Oil-for-Food program; the possibility of adverse consequences of governmental tax audits of the Company's tax returns, including the upcoming IRS audit of the company's U.S. tax returns for the years 2002 through 2004; the Company's ability to convert bookings, which are not subject to nor computed in accordance with generally accepted accounting principles, into revenues at acceptable, if any, profit margins, since such profit margins cannot be assured nor be necessarily assumed to follow historical trends; changes in the financial markets and the availability of capital; changes in the already competitive environment for the Company's products or competitors' responses to the Company's strategies; the Company's ability to integrate acquisitions into its management and operations; political risks, military actions or trade embargoes affecting customer markets, including the continuing conflict in Iraq, uncertainties in certain Middle Eastern countries such as Iran, and their potential impact on Middle Eastern markets and global petroleum producers; the Company's ability to comply with the laws and regulations affecting its international operations, including the U.S. export laws, and the effect of any noncompliance; the health of the petroleum, chemical, power and water industries; economic conditions and the extent of economic growth in the U.S. and other countries and regions; unanticipated difficulties or costs associated with the implementation of systems, including software; the Company's relative geographical profitability and its impact on the Company's utilization of foreign tax credits; the recognition of significant expenses associated with realigning operations of acquired companies with those of Flowserve; the Company's ability to meet the financial covenants and other requirements in its debt agreements; any terrorist attacks and the response of the U.S. to such attacks or to the threat of such attacks; technological developments in the Company's products as compared with those of its competitors; changes in prevailing interest rates and the Company's effective interest costs; and adverse changes in the regulatory climate and other legal obligations imposed on the Company. It is not possible to foresee or identify all the factors that may affect our future performance or any forward-looking information, and new risk factors can emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements included in this news release are based on information available to us on the date of this news release. We undertake no obligation to revise or update any forward-looking statement or disclose any facts, events or circumstances that occur after the date hereof that may affect the accuracy of any forward-looking statement.
Technical Contact: Zac Nagle, Vice President - Investor Relations (972) 443-6557
Media Contact: Lars Rosene, Director - Global Communications (469) 420-3264