Home » Flowserve Buys Remaining Shares of Japanese Company
Flowserve Buys Remaining Shares of Japanese Company
March 10, 2008
Flowserve Corp., Dallas, TX, supplier of fluid motion and control products and services, has acquired the remaining 50% of shares of Niigata Worthington in Kawasaki, Kanagawa, Japan.
Flowserve previously owned 50% of Niigata Worthington in a long-term joint venture.
Niigata Worthington, a manufacturer of certain Flowserve pumps and other rotating equipment, reported sales of $64 million in 2007.
This acquisition reflects our strong commitment to serving our customers -both end users and contractors -in this key Asia-Pacific region with products, service and support,"said Tom Ferguson, president of Flowserve Pump Division.
The acquisition also enhances Flowserve's ability to provide aftermarket support for the installed base of hydraulic decoking pumping systems, a key company product in Japan.
"With sales offices in several important locations and proven manufacturing capability, this acquisition further enhances our ability to serve the life cycle needs of our customers in the Asia-Pacific region and provides an excellent local platform for long-term growth within the region's oil and gas, chemical and power market sectors,"Ferguson said.
In addition to its headquarters, Niigata Worthington has a 200,000 sq ft manufacturing plant in Kashiwazaki, Niigata, and sales offices in Osaka, Fukuoka, Niigata and at the Kashiwazaki-kariha nuclear power plant.