Flowserve Holds 2013 Annual Meeting of Shareholders
(Thomson Reuters ONE) -
DALLAS, May 23, 2013 - Flowserve Corp. (NYSE: FLS), a leading provider of flow
control products and services for the global infrastructure markets, held its
2013 Annual Meeting of Shareholders today in Irving, Texas.
The company confirmed at the annual meeting that Michael F. Johnston retired as
a member of the board of directors effective after the annual meeting. "Michael
provided 16 years of distinguished service to Flowserve," said James O. Rollans,
Flowserve non-executive chairman of the board of directors. "Flowserve has
benefitted immeasurably from Michael's expertise and leadership over the years,
and we wish him well in his future endeavors."
Concerning the official business of the meeting, the company announced that its
shareholders re-elected Gayla J. Delly, Rick J. Mills, Charles M. Rampacek and
William C. Rusnack to the company's board of directors, each to serve an annual
term expiring at the 2014 Annual Meeting of Shareholders. Biographies for all
members of the board of directors can be found in the company's 2013 Proxy
Statement or on www.flowserve.com.
Voting results indicate that shareholders approved an advisory vote on executive
compensation, voting approximately 98 percent in favor of the proposal.
Voting results also indicate that shareholders approved an amendment to the
company's certificate of incorporation to increase the number of authorized
shares of the company's stock to enable a 3-for-1 stock split. As described in
the 2013 Proxy Statement, the record date for the stock split will be June
7, 2013. Each shareholder of record on the record date will receive two
additional shares of common stock for each share held. Flowserve anticipates the
additional shares will be distributed by the end of June 2013.
"Flowserve has a strong record of delivering value to our shareholders as shown
through the return of more than $1.5 billion to our shareholders through
dividends and share buybacks since the start of 2008," said Mark Blinn,
Flowserve president and chief executive officer. "Consistent with this focus on
delivering value to our shareholders, we expect the stock split will bring our
per-share market price within a range attractive to more investors, resulting in
a broader market for our common stock."
Additionally, shareholders ratified the appointment of PricewaterhouseCoopers
LLP as the company's independent registered public accounting firm for 2013.
Finally, in line with the recommendation of the board of directors, shareholders
rejected a shareholder proposal requesting the ability to act by written consent
outside of an annual or special meeting.
Final voting results on all agenda items will be available in a Current Report
on Form 8-K to be filed by the company following certification by the company's
inspector of elections.
Investor Contact: Mike Mullin, director, investor relations, (972) 443-6636
Media Contact: Steve Boone, director, global communications and public affairs,
(972) 443-6644
About Flowserve: Flowserve Corp. is one of the world's leading providers of
fluid motion and control products and services. Operating in more than 55
countries, the company produces engineered and industrial pumps, seals and
valves as well as a range of related flow management services. More information
about Flowserve can be obtained by visiting the company's website at
www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, as
amended. Words or phrases such as, "may," "should," "expects," "could,"
"intends," "plans," "anticipates," "estimates," "believes," "forecasts,"
"predicts" or other similar expressions are intended to identify forward-looking
statements, which include, without limitation, earnings forecasts, 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 forward-looking statements included in this news release are based on our
current expectations, projections, estimates and assumptions. These statements
are only predictions, not guarantees. Such forward-looking statements are
subject to numerous risks and uncertainties that are difficult to predict. These
risks and uncertainties may cause actual results to differ materially from what
is forecast in such forward-looking statements, and include, without limitation,
the following: a portion of our bookings may not lead to completed sales, and
our ability to convert bookings into revenues at acceptable profit margins;
changes in the global financial markets and the availability of capital and the
potential for unexpected cancellations or delays of customer orders in our
reported backlog; our dependence on our customers' ability to make required
capital investment and maintenance expenditures; risks associated with cost
overruns on fixed-fee projects and in taking customer orders for large complex
custom engineered products; the substantial dependence of our sales on the
success of the oil and gas, chemical, power generation and water management
industries; the adverse impact of volatile raw materials prices on our products
and operating margins; our ability to execute and realize the expected financial
benefits from our strategic realignment initiatives; economic, political and
other risks associated with our international operations, including military
actions or trade embargoes that could affect customer markets, particularly
Middle Eastern markets and global oil and gas producers, and non-compliance with
U.S. export/re-export control, foreign corrupt practice laws, economic sanctions
and import laws and regulations; our exposure to fluctuations in foreign
currency exchange rates, including in hyperinflationary countries such as
Venezuela; our furnishing of products and services to nuclear power plant
facilities; potential adverse consequences resulting from litigation to which we
are a party, such as litigation involving asbestos-containing material claims; a
foreign government investigation regarding our participation in the United
Nations Oil-for-Food Program; expectations regarding acquisitions and the
integration of acquired businesses; our foreign subsidiaries autonomously
conducting limited business operations and sales in certain countries identified
by the U.S. State Department as state sponsors of terrorism; our relative
geographical profitability and its impact on our utilization of deferred tax
assets, including foreign tax credits; the potential adverse impact of an
impairment in the carrying value of goodwill or other intangible assets; our
dependence upon third-party suppliers whose failure to perform timely could
adversely affect our business operations; the highly competitive nature of the
markets in which we operate; environmental compliance costs and liabilities;
potential work stoppages and other labor matters; our inability to protect our
intellectual property in the U.S., as well as in foreign countries; obligations
under our defined benefit pension plans; and other factors described from time
to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on
information available to us on the date hereof, and we assume no obligation to
update any forward-looking statement.
# # #
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Flowserve Corporation via Thomson Reuters ONE
[HUG#1704325]
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2013 - 22:23 Uhr
Sprache: Deutsch
News-ID 263220
Anzahl Zeichen: 8977
contact information:
Town:
Irving, TX
Kategorie:
Business News
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