Flowserve Signs License Agreement With New Way Air Bearings
Alliance Expected to Generate Advances in Equipment Reliability and Lower Total Cost of Ownership for Flowserve Customers
DALLAS, February 2, 2015 - Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it has signed a license agreement with New Way Air Bearings to develop externally pressurized solutions for its seal and pump operations. As a leading innovator in the development and application of air bearings for rotating equipment and linear sliding surfaces, New Way's technology offers tremendous opportunity to improve equipment reliability and reduce maintenance and operating expenses compared to classical techniques.
By adapting New Way's technology through Flowserve's application experience in fluid motion control, a new generation of rotating equipment becomes possible. With fewer parts, better internal sealing, and improved load-handling capabilities, this next evolution of fluid pumping and sealing solutions promises a significant step forward for the end user in terms of:
- Improved reliability and process uptime - allowing plant operators to increase asset utilization
- Lower maintenance costs - leading to better operating margins for plant owners
- Lower energy consumption - enabling customers to further increase profitability while lowering environmental impact
- Waste reduction - by eliminating lubricating oil, customers save money on waste oil disposal and further reduce their environmental footprint
Flowserve's next generation of fluid motion control equipment will be able to tolerate heat much better than traditional designs, which means they can be applied in a very wide range of applications. Target implementations range from retrofit packages to holistic new solutions.
"One of the long-term trends in the process industry is that electric motors and drives continue getting closer to the work being done," said Drew Devitt, chairman and CTO of New Way Air Bearings. "Our technology enables novel ways to take that trend to the next level, leading to shorter, lighter, more efficient, and less complex pumps and compressors."
"Flowserve is very impressed with the New Way products and technology and the broad IP protection they have been able to establish," said Ken Lavelle, President, Flowserve Seal Operations. "We are very pleased to be working with the clear industry leader in this revolutionary technology."
"Flowserve is excited about the development work that is underway with New Way for the incorporation of reliability-enhancing solutions into our product offerings," said Lavelle. "We believe that New Way's technology holds the promise of significant breakthroughs in the future of rotating equipment performance and ultimately the design of rotating equipment itself."
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Lars Rosene, Vice President, Global Communications and Public Affairs, (972) 443-6644
Amy Allen, Manager, Global Communications and Public Affairs, (972) 443-6501
About Flowserve: Flowserve Corporation is one of the world's leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company's website at www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
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