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Flowserve Receives Frost & Sullivan World Customer Value Enhancement of the Year Award

Flowserve is honored by Frost & Sullivan with its 2010 World Customer Value Enhancement of the Year Award in value-added services for valves and centrifugal pumps.

DALLAS, September 29, 2010 – Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, has been honored by Frost & Sullivan with its 2010 World Customer Value Enhancement of the Year Award in value-added services for valves and centrifugal pumps.

Flowserve was presented the award at the Frost & Sullivan 2010 Growth Excellence Awards Banquet held Sept. 14, 2010, in San Jose, Calif. Kyle Ahlfinger, chief marketing officer, Flowserve Corporation, accepted the award on behalf of Flowserve.

The Customer Value Enhancement of the Year Award is presented each year to the company that has demonstrated excellence in implementing strategies that proactively create value and help improve the return on investment for its customers.

“The Flowserve market-leading position in value-added services for valves and centrifugal pumps is due to its ability to provide end-to-end solutions,” said Frost & Sullivan analyst Muthuraman Ramasamy. “Flowserve has an impressive range of services and solutions which include highly customer-centric offerings, such as LifeCycle Advantage, Technology Advantage and other asset optimization solutions that enable it to deliver sustained value to its customers.”

“We are very proud to have been selected by Frost & Sullivan to receive this 2010 World Customer Value Enhancement of the Year Award,” said Ahlfinger. “Several years ago, Flowserve senior management forged a strategic vision to transform our company from a traditional process equipment manufacturer into a broader service and solutions provider for the flow control industry. Receiving this prestigious award from Frost & Sullivan is a credible testament to the progress we’ve made in achieving this goal. Further, it reflects our continuing commitment to provide customers with the best possible return on their investment with Flowserve.”  

Tom Ferguson, president, Flow Solutions Group, noted, “Typically, 90% of the total life cycle cost of a process system is accumulated after equipment is purchased and installed. This fact was the underpinning of our strategy to form the Integrated Solutions Group last year and expedited the development of our solutions capabilities.” 

Ferguson went on to add, “By combining the hydraulic, mechanical and mechatronics expertise of our highly skilled engineers with a world-class infrastructure of service facilities, we now have a services and solutions model that delivers on the promise of adding value throughout the equipment life cycle. I’m very proud that we’ve made this business model a significant part of our overall portfolio.”

In October 2009, Frost & Sullivan recognized Flowserve with its 2009 European Pump Services Customer Service Leadership of the Year Award.

About Flowserve

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 website at www.flowserve.com.

Technical Contact: Paul Fehlman, 972-443-6517, Vice President, Financial Planning & Analysis and Investor Relations

Media Contact: Steve Boone, 972-443-6644, Director, Global Communications & Public Affairs