News Release - Flowserve Forms Alliance with GE Energy To Offer Bently Nevada® Condition Monitoring Systems

Flowserve Forms Alliance with GE Energy To Offer Bently Nevada® Condition Monitoring Systems

For more information, contact:
Tannis Causey
Marketing Communications Manager
Bently Nevada
1631 Bently Parkway South
Minden, Nevada, USA 89423
Phone: 775-215-2226
Fax: 775-215-2864
E-mail: tannis.causey@bently.com

DALLAS. (March 15, 2005 ) – Flowserve Corp. (NYSE: FLS) and GE Energy have formed an alliance making GE Energy a preferred supplier for Bently Nevada machinery protection and asset management solutions to Flowserve Pumps. The Bently Nevada products will offer high-technology instrumentation, software and services that provide information to assure the top condition and performance of industrial machinery and other plant equipment assets. Flowserve will be utilizing Bently Nevada technology for on-site and remote diagnostics.

This agreement covers Bently Nevada brand transducers (proximity probes, Velomitors® and accelerometers), machinery protection systems (3500 series monitoring systems) and software (System 1® optimization and diagnostic software). These products will be used by Flowserve Pumps and its customers for machinery protection and asset management programs. The agreement is being applied globally for all Flowserve Pumps locations.

This alliance enables both companies to more comprehensively meet the needs of customers around the globe by providing a greater degree of service and diagnostic capabilities for equipment.

According to Tom Ferguson, president of Flowserve Pumps, "By sharing these new technologies, this alliance will enable us to better serve our customers' needs for life-cycle cost management service from a single-source supplier. This partnership will provide our customers with leading-edge instrumentation and services, designed to provide outstanding pump protection and continuous monitoring of the condition of pumps."

Richard Chapman, GE Energy's Product General Manager for Bently Nevada Asset Condition Monitoring, echoed those sentiments, "A significant part of the value we add for customers is through our cooperative relationships with machinery manufacturers," he said. "This alliance with Flowserve Pumps tangibly benefits our mutual customers by enabling improved pump availability / reliability and lower overall lifecycle costs. Because the Bently Nevada condition monitoring products chosen by Flowserve Pumps are already so widespread in the industries we serve, customers can also look forward to easy integration of the monitoring systems used on their Flowserve equipment with that used on the other assets in their plants."

Flowserve Corp. (www.flowserve.com) is one of the world's leading providers of fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.

GE Energy (www.gepower.com) is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenues of $17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.

GE Energy's Bently Nevada products and services group assesses and ensures the mechanical and thermodynamic health of industrial machinery of more than 25,000 global customers in the power generation, petrochemical and other industries. Their operations center is in Minden, Nevada.

SAFE HARBOR STATEMENT: This news release contains various forward-looking statements and includes assumptions about Flowserve's future financial and market conditions, operations and results. In some cases forward- looking statements can be identified by terms such as "may," "will," "should," "expect," "forecast," "plans," "projects," "seeks," "anticipate," "believe," "estimate," "predicts," "potential," "continue," "intends," or other comparable terminology. These statements are based on current expectations and are subject to significant risks and uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Among the many factors that could cause actual results to differ materially from the forward-looking statements are: changes in the financial markets and the availability of capital; changes in the already competitive environment for the company's products or competitors' responses to Flowserve's strategies; the company's ability to integrate past and future acquisitions into its management operations; political risks, military actions or trade embargoes affecting customer markets, including the continuing conflict in Iraq and its potential impact on Middle Eastern markets and global petroleum producers; the health of the petroleum, chemical, power and water industries; economic conditions and the extent of economic growth in areas inside and outside the U.S.; unanticipated difficulties or costs associated with the implementation of systems, including software; the company's relative geographical profitability and its impact on the company's utilization of foreign tax credits; the recognition of significant expenses associated with realigning the company's combined operations with acquired companies; the company's ability to meet the financial covenants and other requirements in its financing agreements; further repercussions from the terrorist attacks of Sept. 11, 2001, the threat of future attacks and the response of the U.S. to those attacks; technological developments in the company's products as compared with those of its competitors; changes in prevailing interest rates and the effective interest costs that the company bears; adverse changes in the regulatory climate and other legal obligations imposed upon the company; delays in meeting the deadline for the report of management and the independent auditor on the company's internal controls over financial reporting and related certification; and the possibility of continuing delays in filing its periodic public reports. Flowserve undertakes no obligation to, but may choose to, publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.

Bently Nevada, Velomitor and System 1 are trademarks of the General Electric Company.

Top of page