Flowserve Acquires LNG Pumping Technology From NexGen Cryo; No Financial Terms Disclosed; The Purchase Price And Associated Expenses Are Expected To Reduce Adjusted EPS By $0.05 In Flowserve's 2024 Q3

Flowserve Corporation ("Flowserve") (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, has acquired the intellectual property and in-process R&D related to cryogenic Liquefied Natural Gas (LNG) submerged pump technology, systems and packaging from NexGen Cryogenic Solutions, Inc. ("NexGen Cryo"), a privately held, Arizona-based company specialized in the engineering, design and testing of LNG pumps and turbines.

Transaction Details

The technology acquisition closed during the third quarter of 2024. The purchase price and associated expenses are expected to reduce adjusted earnings per share by $0.05 in Flowserve's 2024 third quarter. NexGen Cryo's technology is now part of Flowserve's Pumps Division.