Flowserve makes pumps acquisition
26 Feb 2014
Pumps manufacturer Flowserve has announced the acquisition of centrifugal pumps firm Innomag.
Innovative Mag-Drive (Innomag) designs and manufactures advanced sealless magnetic drive centrifugal pumps used primarily in the chemical and general industries.
The acquisition of Innomag will provide Flowserve with additional sealless, zero-emission pump technology that is increasingly utilised in the global petrochemical, organic chemical and pharmaceutical industries, which are seen as core markets for Flowserve.
Innomag has become an industry leader and benchmark for innovation
Flowserve CEO Tom Pajonas
The universal concern for worker and environmental safety has led to an increasing requirement for high-quality, high-performing sealless pumps by those routinely handling hazardous fluids.
Today, as many as one-quarter of the pumps installed in a Greenfield processing plant are magnetically driven sealless pumps.
This trend is also evident in unit capacity expansions, rerates and upgrades. A significant number of these pumps are being specified with non-metallic linings and components due to their higher corrosion resistance and lower total life cost as compared to their metallic counterparts.
“Innomag has become an industry leader and benchmark for innovation in sealless, non-metallic, mag-drive pumps. Their products will be a valuable addition to our chemical and general industry product portfolio within our Industrial Product Division,” said Tom Pajonas, Flowserve senior vice president and chief operating officer.
“The Innomag brand has an outstanding reputation within the industry and the increasing acceptance of Innomag’s products, as well as mag-drive pump technologies in general, will create an attractive market opportunity for Flowserve. We look forward to leveraging our global market reach and expansive service network to further grow the Innomag business,” Pajonas added.
Flowserve’s president Mark Blinn described the acquisition as a reflection of his firm’s own disciplined, strategic approach to inorganic growth and increased long-term shareholder value.
“The close strategic fit of Innomag’s products, technologies and served markets, the growth potential of the business, and the lower integration risk all fit well within our ‘bolt on’ acquisition strategy,” said Blinn.
Moreover, Innomag advanced sealless pumps are capable of enhancing the Flowserve PolyChem product offering of ISO/ASME fluoropolymer lined sealless pumps.
