Flowserve unveils US$300mn share buyback

Flowserve has nearly completed repurchase activity under its existing US$300 million share repurchase program, which was announced in February 2008. This latest Flowserve share repurchase program does not have an expiration date and may be limited or terminated at any time without notice.

“Our board of directors’ action reflects our continued commitment to a disciplined capital allocation strategy and demonstrates our confidence in the company’s ability to deliver strong cash flows in the future,” said Mark Blinn, Flowserve president and CEO. “This new share repurchase program provides the capacity to continue executing on our capital allocation strategy as we focus on delivering solid returns for our shareholders.”

At 30 June 2011, Flowserve had approximately 55.8 million shares outstanding.