Flowserve to Repurchase $2 Million in Stock

Flowserve Corp.

Flowserve Corp.'s (NYSE:FLS) board of directors has authorized the company to repurchase up to 2 million shares of its outstanding common stock, beginning after its planned November filing of its third quarter 2006 Form 10-Q with the Securities and Exchange Commission.

"Future share repurchases should help reduce dilution resulting from stock issuances under the company's employee stock compensation plans," said President and Chief Executive Officer Lewis M. Kling.

The company said it may repurchase shares from time to time in the open market or through privately negotiated transactions, depending on prevailing market conditions, alternative uses of capital and other factors. The stock repurchase program does not have an expiration date and may be limited or terminated at any time without notice. As of Sept. 25, 2006, the company had approximately 56.5 million shares outstanding.

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.