Flowserve Corporation (NYSE: FLS), a leading provider of flow control
products and services for the global infrastructure markets, today
announced an order for CALDER Dual Work Exchanger Energy Recovery
(DWEER) units with an approximate value of $10 million USD for the Sorek
seawater desalination plant. The majority of the booking for this order
is to be reflected in the second quarter of 2010.
With a capacity of 150 million cubic meters (39.6 trillion U.S. gallons)
per year, Sorek is the largest seawater desalination plant in the world
featuring isobaric chamber recovery system technology. Sorek
Desalination Ltd., a joint venture between IDE Technologies and
Hutchison Water, owns the facility.
?This order further solidifies our position as a leader in the growing
desalination industry,? said Tom Ferguson, president, Flow Solutions
Group. ?A key factor in selecting Flowserve was the lowest total cost of
ownership; a 24-year life-cycle cost analysis found Flowserve was the
most efficient and economical choice for Sorek when considering capital,
operating cost, energy efficiency and maintenance. As the worldwide
demand for fresh water continues to outpace supply, Flowserve is proud
to offer technology that can help reduce the cost of the desalination
process and provides more potable water for those who need it.?
Flowserve CALDER products and technologies specialize in the design,
engineering and supply of energy recovery equipment and related
proprietary technologies for the reverse-osmosis process used in
desalination plants around the world. CALDER energy recovery technology
is designed to capture and reuse waste energy in the desalination
process, lowering net energy consumption and improving overall process
About IDE Technologies
IDE Technologies Ltd. is a pioneer and world leader in water
technologies. The company specializes in the development, engineering,
production and operation of advanced desalination as well as innovative
industrial solutions. For more information, please visit www.ide-tech.com.
About Hutchison Water
Hutchison Water was established in 2008 as an operation of Hutchison
Whampoa Ltd. The company provides a wide range of integrated solutions
and services that include development, design, detailed design, systems
integration, engineering, procurement and construction. For more
information, please visit www.hutchisonwater.com.
About Flowserve Corp.
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 Web site at www.flowserve.com.
SAFE HARBOR STATEMENT:
This news release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
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?predicts? or other similar expressions are intended to identify
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of expectations, beliefs, future plans and strategies and anticipated
developments concerning our industry, business, operations and financial
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The forward-looking statements included in this news release are based
on our current expectations, projections, estimates and assumptions.
These statements are only predictions, not guarantees. Such
forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict. These risks and
uncertainties may cause actual results to differ materially from what is
forecast in such forward-looking statements, and include, without
limitation, the following: a portion of our bookings may not lead to
completed sales, and our ability to convert bookings into revenues at
acceptable profit margins; changes in the global financial markets and
the availability of capital and the potential for unexpected
cancellations or delays of customer orders in our reported backlog; our
dependence on our customers' ability to make required capital investment
and maintenance expenditures; risks associated with cost overruns on
fixed-fee projects and in taking customer orders for large complex
custom engineered products; the substantial dependence of our sales on
the success of the petroleum, chemical, power and water industries; the
adverse impact of volatile raw materials prices on our products and
operating margins; our ability to execute and realize the expected
financial benefits from our strategic realignment initiatives; economic,
political and other risks associated with our international operations,
including military actions or trade embargoes that could affect customer
markets, particularly Middle Eastern markets and global petroleum
producers, and non-compliance with U.S. export/re-export control,
foreign corrupt practice laws, economic sanctions and import laws and
regulations; our exposure to fluctuations in foreign currency exchange
rates, particularly in hyperinflationary countries such as Venezuela;
our furnishing of products and services to nuclear power plant
facilities; potential adverse consequences resulting from litigation to
which we are a party, such as shareholder litigation and litigation
involving asbestos-containing material claims; a foreign government
investigation regarding our participation in the United Nations
Oil-for-Food Program; our foreign subsidiaries autonomously conducting
limited business operations and sales in certain countries identified by
the U.S. State Department as state sponsors of terrorism; our relative
geographical profitability and its impact on our utilization of deferred
tax assets, including foreign tax credits; the potential adverse impact
of an impairment in the carrying value of goodwill or other intangibles;
our dependence upon third-party suppliers whose failure to perform
timely could adversely affect our business operations; the highly
competitive nature of the markets in which we operate; environmental
compliance costs and liabilities; potential work stoppages and other
labor matters; our inability to protect our intellectual property in the
U.S., as well as in foreign countries; obligations under our defined
benefit pension plans; and other factors described from time to time in
our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based
on information available to us on the date hereof, and we assume no
obligation to update any forward-looking statement.
Vice President, Financial Planning & Analysis and
Director, Global Communications & Public Affairs