The Flowserve Corporation is an American multinational corporation and one of the largest suppliers of industrial and environmental machinery such as pumps, valves, end face mechanical seals, automation, and services to the power, oil, gas, chemical and other industries.[5] Headquartered in Irving, Texas, which is in the Dallas–Fort Worth Metroplex, Flowserve employs close to 16,000 employees in more than 50 countries.[6] Flowserve sells products and offers aftermarket services to engineering and construction firms, original equipment manufacturers, distributors, and end users. The Flowserve brand name originated in 1997 with a merger of BW/IP (Borg-Warner/IP International) and Durco International.
On August 21, 2007, Flowserve Corporation was recognized by CIO magazine as one of the 2007 CIO 100 Award Honorees.[7]
History
Flowserve's heritage dates back to the 1790 founding of Simpson & Thompson by Thomas Simpson, later to become Worthington Simpson Pumps, one of the companies that became part of BW/IP.[8] The company was created in 1997 with the merger of two fluid motion and control companies: BW/IP and Durco International.
In July 2005, Flowserve announced a change of senior leadership. The board of directors appointed Lewis M. Kling, then Chief Operating Officer, as the new president, CEO, and member of the board of directors. On May 30, 2007 Kling's employment agreement was extended until February 28, 2010, when he retired.[26]
Flowserve has five training centers, catering for students from around the world, in Irving, Texas; Kalamazoo, Michigan; Houston, Texas, Baton Rouge, Louisiana; and Desio, Italy. The learning resource center in Irving occupies 24,000 square feet (2,200 m2) with classrooms, static labs, and power labs with complete pumping systems.[29] The LRC in Italy is the most recent, opening on April 20, 2010.[30]
On Feb 3, 2004, Flowserve announced restatement of its financial statements for aggregate estimated pretax adjustments for 2003. The restatement was approximately $11 million.[32]
On Oct 26, 2004, Flowserve determined to restate its previously announced financial results for the second quarter of 2004, including certain post-closing adjustments and recently identified out-of-period expenses. The restatement had no impact on net cash balance.[33]
On Feb 7, 2005, Flowserve confirmed that it would restate its 2000 through first quarter 2004 financial statements, resulting from an ongoing comprehensive review of the company's accounts. The restatement reduced net income for the periods restated.[34]