Flowserve Corporation (NYSE: FLS), a leading global provider of flow control products and services, has announced the completion of its acquisition of MOGAS Industries (MOGAS). This move strengthens Flowserve’s position in the critical severe service valve market and expands its aftermarket services.
Scott Rowe, President and CEO of Flowserve, expressed enthusiasm for the acquisition, stating, “We are excited to welcome the MOGAS team to Flowserve. By leveraging our industry-leading scale, we can enhance the MOGAS severe service portfolio and aftermarket services for customers globally.” He also highlighted that this acquisition aligns with Flowserve’s 3D growth strategy and bolsters its valve aftermarket business, thanks to MOGAS’ substantial installed base.
Flowserve plans to integrate MOGAS into its Flow Control Division. The transaction, valued at approximately $305 million including a potential earnout, was funded through cash.