DALLAS--Aug. 12, 2009-- Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it has received several orders worth more than $31.5 million USD from the solar power industry.
The orders, which include boiler feed water, condensate, cooling water, hot thermal-transfer fluid (HTF) and molten salt pumps for solar thermal power plants of both power tower and parabolic mirror designs, were primarily booked in previous quarters in 2009.
"Concentrated solar power is an important opportunity for Flowserve, since providing pumping solutions for the alternative energy industry is a key ingredient in our global strategic growth plan," said Lewis Kling, Flowserve President and Chief Executive Officer. "We believe these orders strengthen our position in the growing renewable energy industry, while supporting the ecological and sustainability efforts of our customers."
The Flowserve pumps will be used at plants employing two different concentrated solar power (CSP) designs. Parabolic mirror plants use mirrors to concentrate the sun’s energy onto receivers positioned at the focal point of each mirror. The power tower design incorporates many large, sun-tracking mirrors (called heliostats) to focus sunlight on a receiver at the top of a centrally located tower. In both designs, transfer fluid is heated and used to create steam, which is then supplied to drive the plant’s turbine to generate electricity.
"We believe that Flowserve has excellent technology and engineering expertise to deliver complete pumping solutions for both CSP plant designs," said Tom Ferguson, Flowserve Pump Division President. "Offering pumps designed to maximize productivity in CSP plants accompanied by a global network of aftermarket service centers, Flowserve is actively bidding on solar thermal power plant projects around the world."
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.
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; 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, 972-443-6517 Vice President Financial Planning & Analysis and Investor Relations
Media Contact: Lars Rosene, 469-420-3264 Chief Sustainability Officer and Vice President Public Affairs