FLOWSERVE CORPORATION Overview
Company Headquarters: US
Founded: 1997
Workforce: ~17,500
Company Working: Flowserve Corporation is a global manufacturer and service provider of flow control systems. It majorly provides its services in the aftermarket. Its business segments include pumps, seals, valves, actuation & instrumentation, and performance monitoring. It offers products and services for various industries such as oil and gas, general industries, chemical, power generation, and water management. It manufactures 40 different types of pumps, including submersible pumps and nearly 185 different replicas of mechanical seals and sealing systems. It is one of the few companies, which have both submersible pumps and submersible motor competencies in the global market.
The company manages its operations in more than 50 countries and has more than 300 locations across the world. It primarily handles customers from more than 180 quick response centers. It spent approximately USD 45.9 million, USD 42.8 million, and USD 38.6 million for research and development of products in 2015, 2016, and 2017, respectively. It manages approximately 10,000 customers, annually around the globe by offering services for OE and aftermarket.
Strategy
The company has a robust operational network. The company’s Flowserve Pump Division's (FPD) products are currently manufactured at 39 plants worldwide, 13 of which are located in Europe, 12 in North America, eight in Asia Pacific and six in Latin America with 137 quick response centers. The company also conducts business through strategic foreign joint ventures. The Flow Control Division (FCD) manufactures its products in 21 principal manufacturing facilities five of which are located in the US and 10 of which are located in Europe, and five of which are located in Asia Pacific and one in Latin Americas. In addition, FCD operates 48 QRCs worldwide. Hence, Flowserve's extensive global manufacturing base and operational network provides increased access to its markets and supports the low-cost sourcing and manufacturing initiatives. The company has a strong focus on research and development (R&D) and has consistently allocated funds for R&D. In FY2020, the company spent US$36.1 million on company-sponsored R&D initiatives, which accounted for 1.0% of the company’s revenue. The FPD new product development is focused on increasing the capability of the company's products as customer applications become more advanced, demanding greater levels of production and under more extreme conditions beyond the level of traditional technology. The FCD segment's new product development is focused on areas that would advance the company's technological leadership and further differentiate Flowserve's competitive advantage from a product perspective. Investment has been focused on significantly enhancing the digital integration and interoperability of valve top works, including positioners, actuators, limit switches and associated accessories with distributed control systems (DCS). These R&D initiatives taken by flow serve will help the company stay ahead of its competitors.
