Date: Apr 22, 2013 Source: (
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DALLAS, April 22, 2013 - Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it has signed a collaborative agreement with Advanced Diamond Technologies, Inc. (ADT) to become the exclusive developer and supplier of diamond coated hard faces for its mechanical seals. When applied to Flowserve base materials, the ultrananocrystalline-structured diamond (UNCD®) coating developed by ADT produces an exceptionally hard surface with significantly improved friction and wear characteristics. This is particularly beneficial in services requiring protection from slurry, dry running conditions and resistance to chemical corrosion.
"Because diamonds are extremely hard, extremely strong while offering low friction properties, the UNCD coating is ideal for demanding applications, such as mechanical seals for pumps," said John Yerger, CEO and president, Advanced Diamond Technologies. "This exclusive agreement with Flowserve for all seal-related applications is the natural culmination of the close collaboration between our companies."
Flowserve and ADT, a spinoff company from the U.S. Department of Energy's Argonne National Laboratory, have worked together since the 1980s to develop, refine and perfect diamond coating for mechanical seal faces.
"As an industry leader in the design, production, and service of mechanical seals and support systems for pumps and other rotating equipment, Flowserve needs a high-quality, technologically advanced and dependable source for diamond coated hard faces for its seals," said Ken Lavelle, president, seal operations, Flowserve. "We are proud of our long-term collaboration with ADT and feel they are the ideal partner to provide the services we need to help our customers extend seal reliability."
Investor Contact: Mike Mullin, director, investor relations, (972) 443-6636
Media Contact: Steve Boone, director, global communications and public affairs, (972) 443-6644
About Diamond Technologies: Advanced Diamond Technologies (ADT) is the world leader in developing and applying diamond films for electronic, mechanical, industrial and biomedical applications and offers several families of high-performance products that exploit the unsurpassed characteristics of diamond. ADT harnesses the superlative properties of nature's perfect material by turning natural gas into diamond in a highly controlled, reproducible process for a variety of industrial, electronic and medical applications. ADT offers several families of high-performance UNCD® products that take advantage of the unsurpassed properties of diamond. More information about ADT is available at http://www.thindiamond.com/.
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.
