DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE:FLS) ("Flowserve†or the "Company†), a leading provider of flow control products and services for the global infrastructure markets, announced today that it has acquired U.K.-based Greenray Turbine Solutions, Ltd. ("Greenray†), a comprehensive provider of aftermarket products and services for industrial gas turbines. Through this acquisition, Flowserve gains access to deep product expertise and durable revenue for a large installed base of mission-crit ...

DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS) ("Flowserve†or the "Company†), a leading provider of flow control products and services for the global infrastructure markets, announced today the completion of the divestiture of BW/IP - New Mexico, Inc. ("BW/IP†), a wholly owned subsidiary of the Company that holds asbestos liabilities and related insurance assets, to an affiliate of Acorn Investment Partners ("Acorn†), a portfolio company of funds managed by Oaktree Capital Management L.P. ...

Core Viewpoint - Flowserve Corporation has agreed to divest its wholly owned subsidiary BW/IP - New Mexico, Inc., which holds asbestos liabilities, to Acorn Investment Partners, allowing Flowserve to simplify its capital structure and focus on value-enhancing opportunities [1][2][4]. Transaction Overview - Acorn will acquire 100% of BW/IP, which will be capitalized with approximately $219 million in cash, including $199 million from Flowserve and $20 million from Acorn [4]. - Flowserve will remove all asbestos liabilities, related insurance assets, and associated deferred tax assets from its consolidated balance sheet as a result of this transaction [4]. Financial Impact - The divestiture is expected to result in a one-time loss of approximately $135 million in the fourth quarter of 2025, which will be excluded from adjusted earnings per share [5]. - The transaction is anticipated to improve Flowserve's free cash flow by approximately $15 million to $20 million annually [5]. Advisors - J.P. Morgan Securities LLC is serving as the financial advisor, while Baker McKenzie is the legal advisor for Flowserve [7].