Flowserve acquires rest of Thompsons, Kelly & Lewis
Dallas, TX— Flowserve Corp. recently acquired the remaining shares of Thompsons, Kelly & Lewis (TKL) Pty. Ltd., an Australian designer, manufacturer and supplier of centrifugal pumps, railway track-work products and steel castings, for about $11.3 million in cash. With revenues in 2003 of about $36 million, TKL was previously 75% owned by BTR Engineering (Australia) Ltd., a subsidiary of Invensys plc, and 25% owned by Flowserve.
‘This acquisition is part of Flowserve’s overall strategy to become the preferred global supplier of flow motion and control products and services,’ says Tom Ferguson, president of
In additrion, Flowserve reports that it’s considering divesting some relatively small, non-core busi-nesses, which aren’t consistent with its growth strategies. The company did not disclose which businesses might be affected.
Control Engineering Daily News Desk
Jim Montague, news editor