Acquisition of U.S.-based manufacturer adds to diverse industrial pump portfolio

DALLAS, December 10, 2013 - Flowserve Corp. (NYSE:FLS), a global leader in the fluid motion and control industry, announced today it has acquired Innovative Mag-Drive, LLC, or Innomag(TM), a privately owned American manufacturer of advanced sealless magnetic drive centrifugal pumps used primarily in the chemical and general industries.

The acquisition of Innomag will provide Flowserve with additional sealless, zero-emission pump technology that is increasingly utilized in the global petrochemical, organic chemical and pharmaceutical industries, which are core markets for Flowserve.

"Innomag has become an industry leader and benchmark for innovation in sealless, non-metallic, mag-drive pumps. Their products will be a valuable addition to our chemical and general industry product portfolio within our Industrial Product Division," said Tom Pajonas, Flowserve senior vice president and chief operating officer. "The Innomag brand has an outstanding reputation within the industry and the increasing acceptance of Innomag's products, as well as magdrive pump technologies in general, will create an attractive market opportunity for Flowserve. We look forward to leveraging our global market reach and expansive service network to further grow the Innomag business."

For the fiscal year ended December 31, 2012, Innomag had revenues of approximately $16.7 million and EBITDA of approximately $6.7 million. For 2013, Innomag estimates having revenues of around $19 million and EBITDA of around $7 million.

Flowserve funded the transaction with cash on hand. The Innomag acquisition is expected to have a dilutive impact of approximately $0.01 per share in 2013 due to transaction costs and non-cash purchase price accounting effects, partially offset by favorable operations impact.

"We are excited about our acquisition of Innomag, and it reflects our disciplined, strategic approach to inorganic growth and increasing long-term shareholder value," said Mark Blinn, Flowserve president and chief executive officer. "The close strategic fit of Innomag's products, technologies and served markets, the growth potential of the business, and the lower integration risk all fit well within our 'bolt on' acquisition strategy."

For more information go to www.Flowserve.com

Investor Contacts:
Jay Roueche, vice president, treasurer & Investor Relations, (972) 443-6560
Mike Mullin, director, Investor Relations, (972) 443-6636

Media Contact:
Lars Rosene, vice president, Global Communications and Public Affairs, (972) 443-6644

About Flowserve: Flowserve Corporation 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.

About Innovative Mag-Drive: Innovative Mag-Drive, LLC, headquartered in Addison, Illinois, was formed in 1998 and is a vertically integrated manufacturer of advanced sealless, non-metallic, magnetic-drive pumping solutions. For more information please visit www.innomag.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 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, 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 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 oil and gas, chemical, power generation and water management 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 oil and gas 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, including 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 litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; 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 intangible assets; 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.

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