Flowserve sells government marine division to unit Curtiss-Wright

Dallas, TX—Flowserve Corp. reports that it has sold its Government Marine business unit (GMBU), located in Phillipsburg, NJ, to Curtiss-Wright Corp. for approximately $28 million in cash.

11/16/2004


Dallas, TX— Flowserve Corp. reports that it has sold its Government Marine business unit (GMBU), located in Phillipsburg, NJ, to Curtiss-Wright Corp. for approximately $28 million in cash. The transaction closed on Nov. 8, and was retroactive to Nov. 1.

Flowserve expects the deal to generate a pretax gain of about $8 million. Revenue from the sale will be used to repay existing debts.

'GMBU serves a niche in a non-core market and represents a small percentage of Flowserve's total business,' says C. Scott Greer, Flowserve’s chairman, president and CEO. 'Flowserve's strategy is to focus growth on our core end-user markets to capture the full life cycle of our products and enhance our end-user support.'

GMBU provides pump technology and services for U.S. Navy submarines and aircraft carriers. In 2003, the business generated

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@reedbusiness.com





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