Flowserve To Acquire MOGAS - Quick Facts

(RTTNews) - Flowserve (FLS) has signed a definitive agreement to acquire MOGAS Industries, a privately held, Houston-based provider of mission-critical severe service valves and associated aftermarket services for $290 million with a potential $15 million earnout. Upon completion of the transaction, MOGAS will be integrated into Flowserve's Flow Control Division segment.

MOGAS is a manufacturer of severe service isolation valves for a variety of end-markets, including mining, power and process industries through its state-of-the-art manufacturing facility in Houston. MOGAS has established sales and service offices in Australia, China, Europe, Canada, South America, the Middle East and India.

Flowserve expects the transaction to be accretive to adjusted EPS in the first full year following closing. MOGAS expects to contribute revenues of approximately $200 million with adjusted EBITDA margins in the high teens.