Flowserve and Al-Rushaid Group Open Middle East's Largest Pump Manufacturing, Repair and Testing Facility in the Kingdom of Saudi Arabia
Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, and Al-Rushaid Group (Dhahran, Kingdom of Saudi Arabia) today announced the grand opening of the largest pump manufacturing, repair and testing facility in the Middle East.
DHAHRAN, Saudi Arabia -- Mar. 22, 2009-- Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, and Al-Rushaid Group (Dhahran, Kingdom of Saudi Arabia) today announced the grand opening of the largest pump manufacturing, repair and testing facility in the Middle East.
“We are very pleased to work with Flowserve to open this facility, which is designed to support major customers within Saudi Arabia and the surrounding Arabian Gulf Countries,” said Sheikh Abdullah Al-Rushaid, Chairman, Al-Rushaid Group. "Together with Flowserve, we will help customers optimize plant uptime and develop ways to control their operating, maintenance and related costs."
The facility is designed to support customers in the oil and gas, petrochemical, power, water, desalination, chemical and other industries.
"This state-of-the-art, robust facility helps us deliver outstanding service to our Middle East customers – its scope, size and capabilities are unmatched in the region,” said Lewis Kling, President and Chief Executive Officer, Flowserve Corporation. “Flowserve is proud to partner with Al-Rushaid Group to bring technology and innovation to our customers in the critically important Arabian Gulf Region."
A key component of the facility is the region’s largest, most capable hydraulics test facility, which is capable of certified testing to both API and international standards, for both horizontal and vertical pumps. The facility will allow customers to verify equipment performance, or diagnose and correct problems.
Future expansion plans include the Middle East's first hydraulics training center, which will feature state-of-the-art classrooms, along with static and dynamic laboratories. Planned classes include basic hydraulics theory, advanced maintenance, repair and technical services, and hands-on training opportunities.
About Al-Rushaid Group
The Al-Rushaid Group of Companies is an international organization which offers and provides a diverse range of engineering and contracting services, facilities, and products, including but not limited to oil and gas, petrochemical, chemical processing and power generation industries. These services include design, engineering, construction and procurement as well as project management and maintenance for entire plant operations, storage tanks, and high quality prestigious buildings and environment services, and development of ports and terminals. It is ranked ninth among the top 100 Saudi companies. More information about the Al-Rushaid Group of Companies can be obtained by visiting the company's website at www.al-rushaid.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.
FLOWSERVE 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,” “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; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products requiring sophisticated program management skills and technical expertise for completion; 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; 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 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; risks associated with certain of our foreign subsidiaries conducting business operations and sales in certain countries that have been 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, and tax liabilities that could result from audits of our tax returns by regulatory authorities in various tax jurisdictions; 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; changes in the global financial markets and the availability of capital; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; 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.
Technical Contact: Paul Fehlman, +1 972-443-6517, Treasurer and Vice President – Investor Relations
Media Contact: Lars Rosene, +1 972-672-7817, Chief Sustainability Officer and Vice President Public Affairs