Irving-based Flowserve Corp., a leading provider of flow control products and services for the global infrastructure markets, has acquired U.K.-based Greenray Turbine Solutions, Ltd., a comprehensive provider of aftermarket products and services for industrial gas turbines.
The acquisition, which was completed for a total of around $72 million in cash, is expected to add approximately $25 million of revenue annually, Flowserve said.
“Greenray has built a strong reputation for credibility and innovation in servicing gas turbines,” Lamar Duhon, President, Flowserve Pumps Division, said in a statement. “Adding their unique capabilities to Flowserve gives us access to products that are complementary to our rotating equipment portfolio and critically important to power generation end markets across the globe.”
Through the Greenway acquisition, Flowserve said it gains access to deep product expertise and durable revenue for a large installed base of mission-critical equipment, which will enable the company to “leverage Flowserve’s expansive global network of Quick Response Centers for growth.”
Flowserve made news in July when its planned “merger of equals” with Atlanta’s Chart Industries was usurped by Baker Hughes’s $13.6 billion offer to acquire Chart. Flowserve didn’t walk away empty handed; it received $266 million in a “termination payment.”
Flowserve Corporation, one of the world’s leading providers of fluid motion and control products and services, operates in more than 50 countries. The company manufactures engineered and industrial pumps, seals, and valves as well as offering a range of related flow management services.
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