Flowserve acquires Innomag

“Innomag has become an industry leader and benchmark for innovation in sealless, non-metallic, mag-drive pumps. Their products will be a valuable addition to our chemical and general industry product portfolio within our Industrial Product Division,” said Tom Pajonas, Flowserve senior vice president and chief operating officer.

Innomag is expecting 2013 revenues of around US$19 million and EBITDA of around US$7 million.

“We are excited about our acquisition of Innomag, and it reflects our disciplined, strategic approach to inorganic growth and increasing long-term shareholder value,” said Mark Blinn, Flowserve president and CEO. “The close strategic fit of Innomag’s products, technologies and served markets, the growth potential of the business, and the lower integration risk all fit well within our ‘bolt on’ acquisition strategy.”