Flowserve Announces Agreement to Sell Small Swiss Manufacturing Facility and Two Small Non-Core Valve Product Lines.

Sale Enhances Company's Portfolio Management, Improves Cost Reductions and Should Strengthen Operational Excellence

DALLAS -- Flowserve Corp. (NYSE: FLS), a leading global provider of fluid motion and control products and services, announced today that it has reached a definitive agreement to sell its small production facility in La Chaux-de-Fonds, Switzerland and two small non-core valve product lines located there. This move will enable Flowserve to eliminate redundant production of several other retained valve products. It is designed to strengthen the company's ability to enhance operational excellence through more cost-effective consolidation of the manufacturing of the retained products.

Under the terms of the agreement, Weka AG, a specialized manufacturer of cryogenic components based in Baretswil , Switzerland, assumed ownership of the plant effective July 2, 2007, and all 23 employees at the site transferred to Weka AG as well. As part of the sale, Flowserve will divest Battig and EPSY, two non-core product lines manufactured at the facility that represent a small portion of the Flowserve valve business.

"This agreement reflects our ongoing commitment to continually reduce costs and strengthen our portfolio of products and services to enhance shareholder value," said Lewis M. Kling, Flowserve President and CEO. "Additionally, this sale will help the La Chaux-de-Fonds facility's ability to focus more strategically on its line of core offerings, which should be an ideal fit with Weka's line of cryogenic components."

About Flowserve

Flowserve Corp. 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. More information about Flowserve Corp. can be obtained by visiting the company's website at www.flowserve.com.

About Weka AG

WEKA AG is specialized in the manufacturing of cryogenic components like valves, couplings, check valves for cryogenic processes and liquid level measuring instruments. WEKA AG is a Swiss SME with about 60 employees, located in Baretswil, a small village 25km south-east of Zurich .

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