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Flowserve Corp is set to acquire Innovative Valve Technologies (Invatec) for about US$100 million. The transaction is expected to close in early January 2000. Under the agreement, Flowserve will issue a cash tender offer to acquire the outstanding 9.7 million shares of the common stock of Invatec at a price of US$1.62 per share -translating to US$15.7 million in total.
With reported 1998 revenues of US$154.6 million, Invatec is engaged principally in providing maintenance, repair, replacement and value-added distribution services for valves, piping systems, instrumentation and other processsystem components for its industrial customers. Based in Houston, USA, Invatec has 63 operating locations in the United States, 2 in Europe and I in the Middle East.
"Invatec is an excellent strategic fit for Flowserve," said C. Scott Greer, Flowserve's president and chief operating officer. "Through this acquisition, we will significantly expand our technical service and repair capabilities, as well as local facility presence for our customers. Importantly, we expect that the addition of Invatec to Flowserve's operations will be accretive in 2000. This acquisition will be a platform to significantly increase our existing service business going forward.
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