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Flowserve sees strategic fit in proposed acquisition of SIHI Group

World-leading provider of flow control products and services for the
global infrastructure market, Flowserve Corporation announces the proposed
acquisition of SIHI Group B.V., a global provider of engineered vacuum and
fluid pumps and related services.

The proposed acquisition of SIHI Group is being seen as a strong
strategic fit with Flowserve’s Industrial Product Division and chemical
industry focus. Flowserve will acquire SIHI Group from TBG Europe NV for a consideration
of approximately €298 million ($372.5 million equivalent).

Based in the Netherlands, SIHI Group and its subsidiaries (SIHI) provide
engineered vacuum and fluid pumps, with associated aftermarket parts and
services, primarily serving the chemical market, as well as the pharmaceutical,
food and beverage and other process industries. SIHI has operations across
Europe, the Americas and Asia.

Flowserve President and Chief Executive Officer Mark Blinn comments that
the SIHI acquisition is consistent with Flowserve’s ongoing growth strategy to
add complementary assets to their portfolio and then accelerate their growth by
leveraging the company’s operating platform.

SIHI’s solid installed base, with its leading position as a supplier of
vacuum and fluid pumps; ability to enhance Flowserve’s chemical ISO pump
strategy, engineering and manufacturing experience; strong gross margin profile;
opportunity to leverage increased scale; and revenue and financial synergy
potential combine to make SIHI a natural fit for Flowserve.

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