Flowserve acquires Greenray Turbine Solutions for $72 million

Flowserve Corporation (FLS) has acquired U.K.-based Greenray Turbine Solutions Ltd. for approximately $72 million in cash, the company announced. The acquisition expands Flowserve’s aftermarket capabilities in industrial gas turbines.

Greenray provides aftermarket products and services for industrial gas turbines. The acquisition is expected to add approximately $25 million in annual revenue to Flowserve’s operations.

“Greenray has built a strong reputation for credibility and innovation in servicing gas turbines,” said Lamar Duhon, President of Flowserve’s Pumps Division. “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 acquisition, Flowserve gains access to product expertise and revenue from Greenray’s installed base of equipment. The company plans to leverage its global network of Quick Response Centers for growth opportunities.

Dallas-based Flowserve operates in more than 50 countries and produces engineered and industrial pumps, seals and valves, along with related flow management services. The company serves global infrastructure markets with flow control products and services.