Press Release Flowserve Corporation - Davies & Baird
MELBOURNE, AUSTRALIA - Seale & Associates, Inc. announced that it acted as exclusive financial advisor to Flowserve Corporation ("Flowserve") on the sale of its Davies & Baird Australian specialty castings foundry business to Davies Baird Pty Ltd, a sister company of Quality Castings Pty Ltd. ("Quality Castings"). Specific terms of the transaction were not disclosed.
Jim Seale from Seale & Associates commented, "We are very pleased to have had the opportunity to work with Flowserve on this important project in Australia. This year continues to be exciting for Seale & Associates with team members working deals in Australia, Asia, Europe, North America and South America throughout the year."
Davies & Baird, headquartered in Melbourne, Australia, manufactures ferrous castings up to 5.5 tons for high-specification, engineered applications and specializes in the supply of complex castings to the pump, valve, mining, rail, transportation and other industries. The business sells products into the domestic Australian market and exports products to New Zealand, North America, Southeast Asia, Japan and Europe.
Flowserve Corporation (NYSE:FLS) is one of the world's leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. In 2010, Flowserve generated $4.0 billion in revenue and $388.3 million of net income.
Quality Castings, headquartered in Sydney, Australia, specializes in ferrous castings for a wide range of market applications, including fluid control, oil & gas, petrochemical plants, mineral processing plants, power generation sites, and pulp and paper manufacturers. Quality Castings produces castings in weights up to 2.5 tons in steel grades and up to 3.5 tons in iron grades.
Seale & Associates, Inc., headquartered in Arlington, Virginia, is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients' most complex dealings.