Flowserve Corporation announced the completion of its acquisition of MOGAS Industries. This strategic transaction strengthens Flowserve's presence in mission-critical severe service valves and associated aftermarket services. The acquisition aligns with Flowserve's 3D strategy, aiming to accelerate growth and enhance its valve aftermarket business.
The purchase price for MOGAS Industries was approximately $305 million, which Flowserve funded using cash. MOGAS will be fully integrated into Flowserve's Flow Control Division segment. This integration is expected to leverage Flowserve's industry-leading scale to expand the MOGAS severe service portfolio globally.
Scott Rowe, Flowserve's President and CEO, stated that the acquisition enhances the company's aftermarket business due to MOGAS's large installed base. This move is a key component of Flowserve's strategy to diversify its offerings and capitalize on high-growth market segments. The acquisition is expected to contribute to future margin expansion.
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