Flowserve Corp. Overview

Flowserve Corp.

Introduction

Flowserve Corporation is a North American global corporation dealing with the manufacturing and supplying of fluid motion-built control solutions to diverse companies and corporations across the world. Through its line of products which includes engineering related products as well as aftermarket services, the corporation is able to assist clients in achieving valuable business results, including cutting costs, optimizing operational performances, reducing risks, improving the lifespan of tools and equipment, as well as increasing the degree of productivity. In its entirety, the company’s product offerings include industrial products and environmental equipment such as end face mechanical seals, control valves, pumps, plug valves, ball valves, and other industrial tools. It service offerings on the other hand include Installation Commissioning and Maintenance, Off-site & On-site Equipment Repairs, Replacement parts, Predictive Analytics, System Assessment, et cetera.   

Founded in the year 1997 with its apex office mounted on the coast of Irving, Texas, United States, Flowserve Corporation has extended exponentially over time since its inception and has been enlisted several on the list of top raking bodies. Typically, in the year 017, Flowserve Corporation was awarded a honorary award of 2007 CIO by CIO Magazine. Similarly, in the year 2022, Flowserve Corporation was ranked #744 on the Fortune 500 list based on its 2021 revenue. 

However, in this article, you will be shown a more detailed, comprehensive, and extensive review of the company, Flowserve Corporation. As a result, the kickoff will begin with the company’s key facts and it will flow to all aspects of its operations, and dealings. As such, all relevant information detailing its key facts, historical background, its products and service offerings, financial overview, as well as its pros and cons will be concisely covered to enable you to understand the significant and major elements of the corporation as quickly as possible.         

Key Facts

Founding Year: Flowserve Corporation was founded in the year 1997, approximately 25 years ago.       

Industrial Ranking: Flowserve Corporation has extended exponentially over time since its inception and has been enlisted several on the list of top raking bodies. Typically, in the year 017, Flowserve Corporation was awarded an honorary award of 2007 CIO by CIO Magazine. Similarly, in the year 2022, Flowserve Corporation was ranked #744 on the Fortune 500 list based on its 2021 revenue. 

Company Type: A Public Corporation Company (PLC)       

Market Reach: Flowserve Corporation operates globally, and its offices are mounted strategically in all major parts of the world.  

Industry Type: Industrial Tools and Machinery  

Trading Type: Flowserve Corporation is traded on the New York Stock Exchange (NYSE) market under the ticker symbol, FLS. The company’s stock is traded on NASDAQ and is a component of the S&P 400.   

Workforce Strength: Flowserve Corporation has more than 15, 000 employees in its workforce globally as of the 2020 report.       

Historical Background 

Although, Flowserve Corporation’s earliest history could be traced back to the 17th century when the corporation established its first brand, operating under the name, Simpson & Thomas in 1790 in London. However, Flowserve Corporation was officially founded and incorporated in the year 1997 and since its formation, the company has continued to leverage its workforce strength and people to into building itself a household brand, hence, setting it apart from its contemporaries.  

In the year 1790, Thomas Simpson established a workshop which by then would operate under the name, Simpson & Thompson workshop. However, shortly after the establishment, the founder’s sons which include James Simpson who played a significant role in the early growth of the company conjoined together to take over the workshop’s operations and management, and together they restructured the workshop and turned it into a company which was to operate under the name, James Simpson, & Co. The corporation was, however, later changed again to bear the name, Worthington Pumps Co. 

In the year 1892, during the civil war, Worthington pumps through its powering service operations witnessed the sinking of the Civil War ironclad USS Monitor around Cape Hatteras in North Carolina when it clashed with Confederate ironclad Virginia. 

In the year 1900, Worthington Pumps installed a vast vertical engine on the coast of Palermo Water Works, Buenos Aires. 

In the year 1901, in a bid to make valve parts in bras and cast iron,  the company built a facility in Lund, Sweden operating under the name, NAF Foundry. 

In the year 1916, the company founded a brand that introduced Duriron known to be an intense corrosive silicon iron alloy in Dayton, Ohio. The brand was to operate under the name, Duriron Casting Company but was later changed to Durco. 

In the year 1929, the company launched a pair of engines which are designed as a triple unit to run for the London Metropolitan Water Authority. 

In the year 1950, the company began the production of mechanical seals at a facility located in the Kalamazoo area of Michigan, United States. The facility then was operating under the name Durametalic. 

In the year 1985, the corporation installed a boiler feed pump at 52, 000 kw which played a significant role in power generation. The installation was recognized as the industry’s first, and largest boiler feed pump in the world.   

In the year 1997, after the merger of two industry’s leading companies, operating under the name, Durco International and BW/P, Flowserve Corporation was founded. And in the year it was founded, Flowserve Corporation becomes public and began the sale of its stock on the New York Stock Exchange (NYSE) market under the ticker symbol, FLS. 

In the year 2000, in a bid to provide customer support and improve its overall service delivery,  Flowserve Corporation deploys centers tagged with the name, Quick Response Centers across the world to help solve this challenge. 

In the year 2005, Flowserve Corporation opened another office strategically mounted alongside top industry giant companies on the coast of Shanghai, China in an area called Pudong Lujiazui which is recognized as the Financial Hub of the Nation. 

In the year 2016, Flowserve Corporation enters into partnership deals with companies recognized as high-tech firms. The company’s goal of partnering with these high-tech firms is to collaborate together in producing cutting-edge digital solutions across all its business segments. 

Business Divisions and Segments 

Oil and Gas 

Power 

Water 

General Industries 

Chemicals 

Products and Service Offerings 

Products include: 

Decoking System 

Energy Recovery Devices 

Actuation and Instrumentation 

Valves 

Seals 

Pumps

Services include: 

Installation Commissioning and Maintenance 

 Off-site Equipment Repairs  

On-site Equipment Repairs 

Replacement parts 

Predictive Analytics  

System Assessment 

..et cetera. 

Financial Overview 

Revenues: $3.541 Billion USD (Fortune 2022)  

Net Income (Profit): $125.9  Million USD (Fortune 2022)  

Total Equity:  $1.804 Billion USD (Fortune 2021)  

Total Assets: $4.749 Billion USD (Fortune 2021)  

Market Value: $4.681 Billion USD (Fortune 2022) 

Pros & Cons 

According to reviews by employees on Glassdoor, as well as a critical review of the company, below are the outlined pros and cons of Flowserve Corporation 

Pros include: 

Variety of Brands and Products: Having a vast and comprehensive list of brands as well as products in its archive, the vast brand nature of  Flowserve Corporation is literally one of the pros of the company as it avails customers a pool of brands and products to choose from based on their respective needs.   

Durable and High-quality Products:  Flowserve Corporation products tend to be durable and of high quality since they are made by a team of expert individuals.  

Great Place to Work for Employees: According to a research-based review on Glassdoor, most employees commented that  Flowserve Corp. is a great place to work.  

Adequate Industrial Experience: Although Flowserve Corp. was officially incorporated in the year 1997 which is approximately 25 years ago, nonetheless, the parent company of the corporation has been in existence since 1790. Thus, due to this broad year of accumulated industry experience,  Flowserve Corp. pride itself as a company with a saturated level of industrial and global expertise.   

Commitment to Sustainable Development: Committed to the service of humanity,  Flowserve Corp. support and foster environmental and innovative program in its communities so as to fulfill its corporate social responsibility as a firm.   

Values Diversity: Employees also commented positively on  Flowserve Corporation’s policy that it values diversity and cultural differences.  

Staff Welfarism: Employee welfarism is another merit of  Flowserve Corp. as it strives to provide perks like insurance, health, and hazard allowances for its staff.  

Cons include: 

Poor management 

No training 

Relatively low salary 

Conclusion 

Ultimately, after a comprehensive review outlined in the preceding lines, it is glaring and obviously clear that Flowserve Corp. is a well-established and stable company with a long stretch of transition history since the inception of its legacy brand in 1790. However, it is imperative to note that what made the company achieve its feat today is not its long years of existence, however, the ability to discover and recognized key stakeholders (including customers, investors, and employees), know their needs, and strive to deliver optimum service and relevant support to meet these needs is the major key to Flowserve Corporation’s astounding successes.