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Flowserve Corp., Dallas, TX, has a definitive agreement to acquire the Flow Control Division (IFC) of Invensys plc for $535 million in cash. IFC manufactures valves, actuators and associated flow control products, including steam systems, for the oil and gas, chemical and petrochemical, power generation and process industries. IFC expects revenues of $520 million for the year ended Mar. 31, 2002 and EBITDA of $87 million. IFC's brands include Edward, Limitorque, PMV, Argus and McCanna.
Flowserve had fiscal 2001 revenues of $1.9 billion. The company formed in 1997 with the merger of BW/IP, Inc. and Durco International Inc. Flowserve markets a wide range of pump, valve and mechanical seal brands, as well as operating a service division. Among its flagship brands is Byron Jackson, a core line for BW/IP. It acquired the Ingersoll-Dresser Pump Co. in 2001. Most recently, it acquired Innovative Valve Technologies, Inc. (Invatec), a service and repair company.