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Flowserve Corp., Dallas, TX, a provider of flow control products and services for the global infrastructure markets, has agreed to the conditional sale and purchase agreement of its Gestra AG business unit to Spirax-Sarco Engineering plc (LON: SPX), a provider of steam system solutions, for an enterprise value of €186 million (US$198.3). In addition to the product’s core manufacturing facilities in Bremen, Germany, the sale also includes several other smaller associated businesses supporting Gestra products.
"Our decision to divest the Gestra AG product line is consistent with our ongoing efforts to drive long-term shareholder value," said John Lenander, president, Flowserve Flow Control Division. "While Gestra has been a solid business unit for Flowserve, we believe it is highly complementary to a company like Spirax that has the intent to expand the customer base, invest in the organic business and fully utilize the infrastructure already in place.