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"Valbart's premium technology, key position in the upstream and midstream oil and gas markets and demonstrated growth potential make it a compelling strategic fit for our organization," says Mark Blinn, Flowserve president and CEO.
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Valbart was acquired in a cash transaction valued at $200 million,including $32 million of existing Valbart net debt that was repaid at closing. Flowserve funded the transaction proceeds with cash on hand. Other terms of the acquisition have not been disclosed.
Valbart, formed in 2003 and headquartered in Mezzago, Italy, specializes in the design, development and manufacture of a comprehensive range of API 6A and API 6D TMBVs in split-body, all-welded and top-entry configurations, which are predominantly used in upstream and midstream oil and gas applications.
For its fiscal year ended May 31, 2010, Valbart reported sales of $104 million and operating income of $22 million on an unaudited basis.
"Valbart's products fill a strategic gap in our product portfolio and significantly strengthen our ability to provide a more complete valve package to oil and gas projects," said Tom Pajonas, president, Flowserve Flow Control Division.
Flowserve previously entered into a joint venture agreement with Valbart in December 2009 focused on combining Valbart's ball valve technology with Flowserve's high performance noise and cavitation-reducing trim designs. The joint venture has since created a trunnion-mounted control ball valve that is designed to deliver high performance.