Flowserve Receives Industry Leadership Awards

Flowserve Corp. (NYSE:FLS), a global provider of fluid motion and control products and services, announced that it has received two prestigious industry awards from global growth consulting company Frost & Sullivan honoring its market leadership in the pump sector. The two awards cite Flowserve’s excellence in providing superior value to its customers and its global penetration in the oil and gas industry. For the first award, Frost & Sullivan honored Flowserve as its 2006 North American Growth Excellence in Customer Value Leadership recipient in the pumps solutions market space. This award recognized Flowserve for its superior customer-centric business solutions and market-leading customer satisfaction. Frost & Sullivan noted that Flowserve has continued to expand its customer base by consistently addressing critical customer challenges and providing a one-stop shop for a complete range of dependable, reliable and cost-effective flow control products and solutions. "Backed by sound technical expertise and a continuous focus on innovation, Flowserve has grown by delivering consistent customer value in a highly fragmented, competitive, and price-sensitive market space,” said Dushyant Mehra, research analyst, Frost & Sullivan. "Flowserve is undoubtedly the global leader in pumps, controls and associated system components that provide complete rotating equipment solutions for customers. "Flowserve’s strength lies in the broad product portfolio and application know-how that strongly emphasize its leadership in the pumps market,” added Mehra. "The wide range of highly reliable products, combined with profitable solutions offered by Flowserve, caters uniquely to customer needs.” With the second award, Flowserve was honored as the 2006 Frost & Sullivan Global Vertical Market Penetration Leadership Award recipient for its market-oriented and strategic approach to offering highly reliable and efficient pump systems to the oil and gas industry. Flowserve was recognized for consistently meeting the demand of the industry’s extreme environments and challenging applications. In presenting the award, Frost & Sullivan noted that no other manufacturer offers the breadth of pumps for refining and petrochemical processing, as well as pipeline and production (offshore, onshore, synthetic crude, liquid natural gas) that Flowserve does. "Flowserve has consistently managed to provide innovative solutions and highly engineered pumps that are the hallmark of reliability in demanding industrial applications,” said Mehra. "The company continues to remain at the forefront in winning customers by providing timely delivery of pumping solutions and services of the highest quality.” "These awards are truly a credit to all of the talented and hard-working Flowserve employees around the world,” said Thomas E. Ferguson, president, Flowserve Pumps. "Innovation, teamwork, and an intense customer focus drive everything we do.” The awards were presented to Flowserve at the Frost & Sullivan Growth Excellence Awards ceremony on Sept. 26. Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. Safe Harbor Statement: This news release includes forward-looking statements. Forward-looking statements are all statements that are not statements of historical facts and include, without limitation, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition. The words "believe”, "seek”, "anticipate”, "plan”, "estimate”, "expect”, "intend”, "project”, "forecast”, "predict”, "potential”, "continue”, "will”, "may”, "could”, "should”, and other words of similar meaning are intended to identify forward-looking statements. The forward-looking statements made in this news release are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that, in some cases, are beyond our control. These risks, uncertainties and factors may cause our actual results, performance and achievements, or industry results and market trends, to be materially different from any future results, performance, achievements or trends expressed or implied by such forward-looking statements. Important risks, uncertainties and other factors that could cause actual results to differ from these forward-looking statements include, but are not limited to, the following: delays in future reports of the Company’s management and outside auditors on the Company’s internal control over financial reporting and related certifications; continuing delays in the Company’s filing of its periodic public reports and any SEC, NYSE or debt rating agencies’ actions resulting therefrom; the possibility of adverse consequences of the pending securities litigation; the possibility of adverse consequences related to the investigations by the SEC and foreign authorities regarding our participation in the United States Oil-for-Food program; the possibility of adverse consequences of governmental tax audits of the Company’s tax returns, including the upcoming IRS audit of the company's U.S. tax returns for the years 2002 through 2004; the Company’s ability to convert bookings, which are not subject to nor computed in accordance with generally accepted accounting principles, into revenues at acceptable, if any, profit margins, since such profit margins cannot be assured nor be necessarily assumed to follow historical trends; changes in the financial markets and the availability of capital; changes in the already competitive environment for the Company’s products or competitors' responses to the Company’s strategies; the Company’s ability to integrate acquisitions into its management and operations; political risks, military actions or trade embargoes affecting customer markets, including the continuing conflict in Iraq, uncertainties in certain Middle Eastern countries such as Iran, and their potential impact on Middle Eastern markets and global petroleum producers; the Company’s ability to comply with the laws and regulations affecting its international operations, including the U.S. export laws, and the effect of any noncompliance; the health of the petroleum, chemical, power and water industries; economic conditions and the extent of economic growth in the U.S. and other countries and regions; unanticipated difficulties or costs associated with the implementation of systems, including software; the Company’s relative geographical profitability and its impact on the Company's utilization of foreign tax credits; the recognition of significant expenses associated with realigning operations of acquired companies with those of Flowserve; the Company’s ability to meet the financial covenants and other requirements in its debt agreements; any terrorist attacks and the response of the U.S. to such attacks or to the threat of such attacks; technological developments in the Company’s products as compared with those of its competitors; changes in prevailing interest rates and the Company’s effective interest costs; and adverse changes in the regulatory climate and other legal obligations imposed on the Company. It is not possible to foresee or identify all the factors that may affect our future performance or any forward-looking information, and new risk factors can emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements included in this news release are based on information available to us on the date of this news release. We undertake no obligation to revise or update any forward-looking statement or disclose any facts, events or circumstances that occur after the date hereof that may affect the accuracy of any forward-looking statement.