Flowserve Acquires U.K.-Based Greenray Turbine For ~$72M In Cash

Flowserve Corporation (NYSE:FLS) ("Flowserve" or the "Company"), a leading provider of flow control products and services for the global infrastructure markets, announced today that it has acquired U.K.-based Greenray Turbine Solutions, Ltd. ("Greenray"), a comprehensive provider of aftermarket products and services for industrial gas turbines. Through this acquisition, Flowserve gains access to deep product expertise and durable revenue for a large installed base of mission-critical equipment, with the ability to leverage Flowserve's expansive global network of Quick Response Centers (QRCs) for growth.

The acquisition, which was completed for a total of approximately $72 million in cash, is expected to add approximately $25 million of revenue annually.