Gas leak delays missile test

• Publisher: Elsevier Science
• Year: 2000
• Tongue: English
• Weight: 110 KB
• Volume: 2000
• Category: Article
• ISSN: 1350-4789
• DOI: 10.1016/s1350-4789(00)90081-3

✦ Synopsis

Industrial valve maker Flowserve

Corp is to buy Ingersoll-Dresser Pumps from Ingersoll-Rand Co for US$775 million in cash to create what it described as the world's second-largest pump company.

"From a service perspective, not only is Flowserve acquiring some of the best brands in the industry, but we will have access to one of the largest installed bases of process pumps in the flow-control industry," it said in a statement.

It added that "expected synergies will result in the elimination of a number of overlapping facilities and other inefficiencies."

Ingersoll-Rand said it would use the money from the sale to buy businesses within its markets, such as climate control. Flowserve also said it was suspending its quarterly cash dividend in order to reinvest in the growth of its operations.