Flowserve Signs Joint Venture with Valbart to Manufacture Valves for Oil and Gas Industry

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced it has entered into a joint venture agreement with Valbart Srl, an Italian manufacturer of high performance valves.

Called Flowserve/Valbart Flow Control Srl, the joint venture will allow the two companies to work to deliver an innovative, cost-saving solution to oil and gas applications – a trunnion control ball valve. By combining Valbart’s proven trunnion-mounted ball valves with the high performance noise and cavitation-reducing trim designs from Flowserve, Flowserve/Valbart Flow Control Srl trunnion control ball valves will be designed to provide the same level of performance as larger globe valves.

"Bringing together proprietary technology from both Flowserve and Valbart should allow us to deliver a cost-effective, high performance solution for oil and gas customers than was previously available,” said Tom Pajonas, President, Flowserve Flow Control Division. "The joint venture will take proven control valve technology and apply it to an established design from the ball valve market, which should result in a lower total cost of ownership for customers.”

The joint venture agreement was signed in the fourth quarter of 2009. Manufacturing will take place at a Valbart facility operated by the joint venture, located in Mezzago, Italy.

"Today, when a customer needs a high-rangeability control valve, they are essentially locked into a globe valve, which can be much more expensive. With this joint venture, Flowserve and Valbart have created a way to achieve the same performance in a cost-effective manner,” said Roberto Bartolena, President, Valbart Srl. "We’re pleased to work with Flowserve to bring this innovative solution to the marketplace.”

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.

About Valbart Srl

Valbart Srl, headquartered in Mezzago, Italy, specializes in designing and manufacturing API 6A and API 6D trunnion mounted ball valves and gate valves, and has been recognized as the fasted growing firm in its sector. For more information please visit www.valbart.com.

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