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Business Unit, based in Phillipsburg, New Jersey, to Curtiss-Wright Corp for approximately US$28 million in cash.
"The GMBU serves a niche in a non-core market and represents a small percentage of Flowserve's total business," explained Flowserve chairman, president and CEO Scott Greer. "Flowserve's strategy is to focus growth on our core enduser markets to capture the full life cycle of our products and enhance our end-user support."
The transaction, which the company expects will generate a pre-tax gain of about US$8 million, closed on 10 November 2004, with a retroactive effective date of 1 November. Flowserve says that it will will use the proceeds from the sale to repay debt.
The GMBU, which will now operate as a business unit within Curtiss-Wright's Flow Control segment, generated about US$26 million in revenues in 2003. GMBU designs and manufactures
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