Flowserve to acquire centrifugal pump manufacturer Lawrence PumpsOctober 11, 2011
The Flowserve Corp. recently announced that it plans to purchase Lawrence Pumps, Inc., a manufacturer of engineered centrifugal pumps for the petrochemical, and oil and gas industries. The acquisition provides Flowserve with API and chemical slurry pump technology that is critical the company's core markets of refining, oil sands, polyolefin and polyethylene industries.
Tom Ferguson, president of Flowserve's Flow Solutions Group, said that Lawrence has been a leader in critical slurry services. He added that the brand has an outstanding reputation and that the proprietary niche applications of the many of the company's products complement Flowserve's business.
Lawrence Pumps had revenues of about $44 million last year and estimated revenues of $50 million for 2011. Flowserve expects to fun the transaction with cash on hand. The news release didn't reveal how Flowserve plans to pay for the company. The sale is expected to close in the fourth quarter of this year.
Lawrence Pumps was formed in 1936. The company is based in Massachusetts and had locations around the world including in China, India and Singapore. Texas-based Flowserve operates in 55 countries and produces engineered and industrial pumps, seals, valves as well as provides related flow management services.